Annual Report 2018/2019 This document is printed on an environmentally responsible paper, produced using FSC® certified 100% Post Consumer Recycled, Process Chlorine Free (PCF) pulp from Responsible Sources. Manufactured under the strict ISO14001 Environmental Management System, and carries the internationally recognised Blue Angel, Nordic Swan, Austrian Environmental Label & the NAPM Recycled Mark. Contents

Chairperson and Chief Executive Report 6 Organisational Structure 10 Celebrating our Taranakitanga 11 Pāhake Christmas Hakari 12 Building cultural capability - Taranakitanga 13 Young Leaders Summit 16 Paepae Wānanga 17 Environment - Whenua 19 Education Grants 20 Ka Uruora 21 Relationships - Representation 22 Communication 24 Distribution 26 Pataka 26 Strategic Governance 27 Year in Review 28 TIHLP 30 Annual General Meeting Minutes 2018 34 Financials 40 Independent Auditor’s Report 42 Directory 44

Cover Photo – Peter Florence. This Page – Peter FlorenceTaranaki Iwi – 3 Annual Report 2018/2019

4 – Taranaki Iwi – Annual Report 2019 Vision Me Tōngai Harakeke.

Purpose To be a resilient, versatile and dynamic Iwi entity that is a vehicle for inspiration, success and intergenerational growth.

Values Kia rongomau To act with humility, respect and empathy at all times Kia manawanui To have courage and be determined in all of our endeavours Kia aroha ki te tangata Inherent in this is manaakitanga, we must care for our people and our environment Kia tika, kia pono To act with honesty and integrity.

Core Strategies Represent the Iwi To be the representative body of Taranaki Iwi and to act in the interests of all Taranaki uri ensuring Taranaki Iwi rights and interests are protected and enhanced.

Manage the Assets To ensure the Commercial Activities are appropriately governed by the Commercial Subsidiary with the primary purpose to generate sustainable profits for the benefit of Taranaki Iwi now and in the future.

Administer Benefits To ensure cultural activities are appropriately governed by the cultural subsidiary with the primary purpose to serve the needs of the Taranaki Iwi now and in the future through the allocation of distributions and benefits for the benefit of Taranaki Iwi.

Taranaki Iwi – 5 Chairperson and Chief Executive Report

Tangihia ngā mate huhua o te tau rātou ki a rātou haere e oki. Me tōngai harakeke e te iwi kia eke ki ngā taumata e tika ana mō Taranaki Iwi. Ka tika me mihi ki ngā uri o Taranaki Iwi kua aro mai, kua neke mai ki te hui i ngā take nui e hāngai ana ki tō tātou iwi tae atu ki ngā ringa me ngā waewae kei ngā marae pā e whakapau kaha ana ki te manaaki i ōna kaupapa ōna manuhiri. Kei ngā taratī o te Poari, kei ngā kaimahi o te tari ka nui te mihi ka nui te tangi tīhei mouriora.

Our vision me tōngai harakeke confidently into the future. A Special that these wānanga have been well encourages us to work together General Meeting is scheduled for the supported by whānau who have as a collective iwi tribal body. Our 22 February 2020 to complete this travelled from outside the rohe to achievements this year have been process. participate. because we came together guided Earlier this year on the 17th of Four paepae wānanga were also held by our values of acting with humility, February, we celebrated two years this year and focussed on supporting respect, courage, love and because our paepae and our kaikaranga, we trusted each other. As we present of settlement. We have named this our formal Annual Report we must day Taranaki Iwi Tiripoua Day which kaikarakia, kaikōrero and kai always remember we are a Taranaki symbolises the reconnection of our waiata roles. This led to a focus on Iwi tribal body first and foremost people to our whenua, which we will tangihanga and the development who are bound by whakapapa and acknowledge each year. The event of tangihanga guidelines as marae responsible to our place under our this year was at Opunakē beach with pā whānau stressed that these tupuna maunga that is what defines music, games, kai, swimming and occasions were the most vulnerable capacity wise both in the front on us Taranaki Iwi. whanaungatanga. It is always good to connect with our whānau and spend the paepae and in the back with our Anei te Pūrongo o te Tau 2019. time enjoying each others company ringa wera. but we must always acknowledge this It is with great pleasure that we milestone as the road to settlement Supporting educational present the 2019 Annual Report for achievement Te Kāhui o Taranaki Group. was a tumultuous and consuming journey. On the 23 February 2020 We are very encouraged by the You will note this Financial Year we will hold our third Taranaki Iwi significant increase in education reporting is a 15 month period from 1 Tiripoua day. grant recipients. The numbers have April 2018 - 30 June 2019. The Board more than doubled from 39 in 2018 made a pragmatic decision to move Building cultural capability - to 93 in 2019. These grants are a great the year end from March to June end Taranakitanga indicator of what education choices primarily so we could move our AGM We’re proud to have built on our our people are making and how they back into the warmer time of the year Kāhui Taiohi and Paepae Wānanga can re-engage with Taranaki Iwi. in December to note and celebrate from 2018. The taiohi wānanga in We will continue to monitor those our achievements. particular have helped us to identify recipients and their pathway to At our 2018 annual elections two new and grow our future leadership and success. trustees were elected, Jacqui King capacity. Four wānangawere held and Raymond Tuuta. They joined the throughout the year at Orimupiko, Protecting our environment | team: Leanne Horo (Chairperson), Puniho, Te Paepae and the final one Kaitiakitanga Dan Harrison (Deputy Chairperson) was a Taiohi Summit at Owae marae The environmental space continues along with Aroaro Tamati, Wayne alongside Ngāti Mutunga and Te to be a big focus for Taranaki Iwi. Mulligan and Rawinia Leatherby. Atiawa taiohi. We were pleased to launch the Taiao 2019 has seen the completion of the Creating connections with one Taiora Taranaki Iwi Environment 5 year 2014 - 2019 transition phase another is the most significant Management Plan in July 2018. This of settlement. We have spent the component of these wānanga as we was a culmination of two years current year engaging and reviewing get to know each other and identify engaging with our kaitiaki on the both our Charter and Strategic Plan with Taranaki Iwi and our kōrero ‘me ground to understand what our as we prepare to move Taranaki Iwi tōngai harakeke’. We’re delighted priorities are in caring for our water,

6 – Taranaki Iwi – Annual Report 2019 sea, land, air and maunga. This was Communications was paid to Te Kāhui for operations followed by the establishment of and tribal activities. This distribution Our communications have included the Kaitiaki Whenua Ranger role is then applied to marae pa and tribal regular marae pā hui, fortnightly in late 2018 and Wayne Capper development distribution, governance epānui and use of social media was recruited. We also began the and operations. along with one off pānui as implementation of 3 Toa Taiao required. We have recently moved The Commercial Board you will note roles to monitor our tribal rohe. our database into a more effective in their report have had a productive Consents, policy development and online portal and combined with year and the purchase of the Novotel submissions are a constant part of online registrations we are looking in late 2018 in conjunction with this role and the Toa Taiao roles will at utilising the technology more Te Atiawa and PKW gives us an help to capture tribal data alongside effectively to reach our Taranaki uri. opportunity into tourism and signals the more technical requirements of our intent to work collaboratively with land management. Other notable We are always looking at ways to work other iwi. milestones in the Taiao space were: with our Ngā Iwi o Taranaki tribal mapping of 123 coastal sites of network and operationally support We would like to thank our Taranaki significance; development of the each other with environmental, Iwi members who have supported the Rautaki Tiaki Whenua - Taranaki cultural and commercial trust by attending hui, wānanga and Iwi Reserve Management Plan opportunities. We continue to other tribal activities. Our marae pā and; Development of Takutai title be active locally, regionally and communities are where most of our applications under the Marine and nationally through the Taranaki Taranaki iwi activities are conducted Coastal Areas Act. Māori Trust Board, the Taranaki Iwi ka nui te mihi, ka nui te tangi. Our Chairs, Te Huinga Taumatua the greatest challenge is engaging our own Key Relationships NPDC partnership forum, the Iwi in our own tribal affairs and the more Creating and strengthening Liaison Committee at STDC, the we can make this relevant to our uri relationships is at the forefront of Taranaki Regional Council Standing the more successful we will be. Committees and the National Iwi the work we do to ensure that we To our trustees and directors Chairs Forum. can best support our whānau, marae of our various boards and our and hapū to fulfil their aspirations. Financial Position operational team along with our Whether we’re working directly various contractors we thank you alongside our marae pā, or with Overall the commercial group made all for contributing to another external organisations, the key to a $6.475 million net profit before tax successful year. these relationships is how we can for the 15 months ended 30 June 2019, leverage and support our Taranaki up $1.755 million from last year. From Leanne Horo - Chair Iwi uri and whānau. this, a distribution of $1.875 million Wharehoka Wano - CEO Ka Uruora Much of the last reporting year has been spent on the implementation Signed for and of Ka Uruora which was launched on behalf in late August 2019 jointly with of the trustees; Te Atiawa Iwi and SuperLife the programme partners. This is a whānau initiative developed to support uri to achieve their financial goals by increasing saving and growing their financial capability.

Leanne Horo – Chair Wharehoka Wano – CEO

25 October 2019 25 October 2019

Taranaki Iwi – 7 Membership

2017 3,490

2018 3,885

Current 4,797 To be resilient, versatile, dynamic iwi Values: Kia rongomau, Kia manawanui Location Kia aroha ki te tangata, Kia tika, kia pono

Taranaki 1,177 (30%) Key Achievements Auckland 337 (8.5%) A. Strategic Governance Hamilton 130 (3%) 2013 Te Kāhui o Taranaki (TKoT) Charter signed 2014 Strategic Plan (Transition) 2014 - 19 Wellington 422 (10%) 2016 Taranaki Iwi Holdings Limited Established Christchurch 105 (2.7%) 2017 23 February Taranaki Iwi Settlement day Dunedin 119 (3%) 2017 Taranaki Iwi Fisheries Limited moved as subsidiary of TKoT Overseas 175 (4.5%) 2018 Taranaki Iwi Charitable Trust Established B. Representation National Iwi Chairs Forum (NICF), Taranaki Māori Trust Board (TMTB), Asset Base Taranaki Iwi Chairs Forum, Huinga Taumatua (NPDC), STDC Māori Liaison. C. 2016 $77m Marae Pā MOU’s 6 of 7 signed 2017 $88m D. External MOU’s 2018 $91m WITT, Tui Ora, Te Korimako, TSBCT, Current $93m Victoria University, Sport Taranaki E. Ka Uruora 2019 Launched Distribution F. Taiao Environment 2017 Iwi Environment Manager appointed 2018 Taiao Taiora Iwi Management Plan Marae Pā direct 123 significant Coastal sites mapped Available $50k p.a per marae, $200k total Coastal Development Guidelines created Education Grants 2019 Kaitiaki Whenua Ranger appointed 2018 39 recipients $30,000 Toa Taiao roles (in progress) 2019 93 recipients $68,000 Reserve Management Plan

8 – Taranaki Iwi – Annual Report 2019 Participation

Taiohi Wānanga 252 participants, 5 Wānanga, $23,869 Paepae Wānanga 126 particpants, 5 Wānanga, $1,624 Tangihanga Guidelines created Tiripoua Day 200 participants, 2 Events, $5,408 Taranaki Tū Mai 120 participants, 1 Event, $11,000 Te Moungaroa 50 participants, 6 Wānanga, $2,000 Tri Mounga 27 teams, 3 Events, $2,835 Pahake Xmas 321 participants, 3 Events $17,233 Whakapapa Komiti 30 participants, 6 hui, $1,400

Engagement

Face to face Website Hui-ā-Iwi taranaki.iwi.nz Marae Pā – 6 per year July 2018 to July 2019: Ohu groups: 12,843 visitors Mounga, TMTB, DSP’s, July 2018 to July 2019: Toa Taiao, AGM, SGM 39,377 page views

Where are website visitors from? Top 5 cities/towns: Social Media 1. Auckland - 2527 2. Wellington - 2185

Facebook: 3. New Plymouth - 1900 1045 page likes 4. Christchurch - 680 @TeKahuiOTaranakiIwi 5. Chicago - 538

iPānui 891 subscribed email addresses, 761 subscribers @ July 2018, 897 subscribers @ July 2019

Taranaki Iwi – 9 Organisational Structure

Nga uri o Taranaki Iwi

Finance Audit Risk & HR Te Kahui o Taranaki Trust Sub-Committee (FARHR)

Culture Health & Education Sub-Committee (CHE)

Te Kahui o Taranaki Te Kahui o Taranaki Holdings Te Kahui o Taranaki Holdings Ka Uruora Management Charitable Trust Limited Limited Trustee Ltd (Fisheries Assets) (TICT) (Commercial) Te Kahui o Taranaki Ngāmotu Holdings Hotels Limited (General Partner Partnership (Treaty Settlement Ltd) Holdings) Ka Uruora Ka Uruora Foundation Housing

Ngāmotu Hotels LP

Taranaki Iwi Board of Trustees Leanne Horo – Chair Daniel Harrison – Deputy Chair Aroaro Tamati Wayne Mulligan Jacqualine King Rawinia Leatherby Raymond Tuuta

10 – Taranaki Iwi – Annual Report 2019 Celebrating our Taranakitanga Tiripoua Day 17 February 2019 Tiripoua Day was first commemorated in February 2018 at Oākura to acknowledge the settlement journey, the ups and downs and those who had contributed and sacrificed so much.

23 February 2017 is the day that we recognise as the completion of the settlement so each year on the weekend closest to that date we have established Tiripoua Day to bring our Taranaki Iwi uri together and celebrate being us. This year we held the event at Opunakē Beach with a day of relaxation, music, kai and activities for pahake, matua, taiohi and tamariki.

L-R: Face-painting proves popular; Caleb Haapu (Sons of Zion) serenade’s the crowd; Sport Taranaki entertain the tamariki; Tee’s for sale

Taranaki Iwi – 11 Pāhake Christmas Hakari 7 December 2018

The Pāhake Christmas Hakari has been a regular feature for Taranaki Iwi over many years and is a great opportunity to celebrate our pāhake and all that they do.

The day involves hakari and entertainment and a chance for the Te Kāhui team trustees and staff to celebrate the year end with our people. We note the contributions of: the Taranaki Iwi registrations committee who work with us on validating our registrations; our kuia and tauheke who travel with us on our excursions to Pomare Day, the Koroneihana and tangihanga and other kaupapa; but not in the least those who uphold our marae pā activities the rā maumahara at Parihaka and who provide important guidance.

Below L-R: Whānau & friends mix n mingle x2; Vicki Erueti & Peter Moeahu catching up; Dan aka Buddy Ratahi, Dan Harrison, Jacqui King & Val Davey; Enjoying the music; The band ‘Sweet As’ members Darrin Hulton, Shirleen Ngawhare & Rawiri Mahutonga; Karin Nielsen receiving topnotch service by Rongomaihenga Hohaia

12 –– TaranakiTaranaki IwiIwi –– Annual Report 2019 Building cultural capability - Taranakitanga Taiohi Wānanga

These wānanga are primarily about whanaungatanga and identity to Taranaki Iwi.

Wananga 1: 14 - 15 April 2018 Orimupiko Marae The first of our wānanga for the year was held at Orumipiko with a focus on mahi toi with Haoro Hond running a rock painting workshop that included us going to Mangahume river mouth to collect rocks. Tihikura Hohaia ran a mau rakau wānanga and the taiohi also had a workshop that concentrated on real life issues that taiohi face run by Hinenui Wano Bryant and Haupai Korewha from Tuiora. On the second day we all walked onto Te Namu pā and Tihikura Hohaia shared the stories of Te Matakātea and the pā itself. These are rich experiences for our taiohi many who had never visited these places.

Above: Harrison whānau - Liam, Te Raunatanga, Rikki, Dan, Hinerangi, Rahiri Makuini & Casius. Below: Tihikura Hohaia demonstrating the art of mau rakau. Inset: Mangahume river mouth

Taranaki Iwi – 13 Wānanga 2 7-8 July 2018 Puniho Pā

Held in the middle of winter we were fortunate to have Dennis Ngawhare share kōrero on Puniho and Ngā Māhanga.

The whanaungatanga within this group of taiohi continues to grow and we were able to take the opportunity to get their feedback to survey questions on how we can strengthen the education, health and culture opportunities for our Taranaki uri. Puna Wano Bryant introduced the Taiao Taiora Iwi Management Plan to the taiohi and the important role we play as kaitiaki within our tribal rohe. We followed this up by taking our taiohi out to do riparian planting alongside the Mātānehunehu awa.

Header image - Kuia Vicki Erueti (front row second in) joins our Taiohi for waiata-a-ringa practice, Puniho Pā Top inset - Breakout groups Bottom inset - Riparian planting at Matanehunehu awa (adjacent to Puniho Pā)

14 – Taranaki Iwi – Annual Report 2019 Wānanga 3 12-14 October 2018 - Te Paepae o Te Raukura marae

Ruakere Hond opened the wānanga with kōrero on Parihaka. Hemi Sundgren ran a taiaha workshop and Ngahina Hohaia a poi workshop which covered our Taranaki Iwi cultural narrative through waiata poi.

The taiao theme continued as we led our taiohi up to Puke Te Whiti to share the significant kōrero of this place and for our taiohi to reconnect to our maunga and ngahere.

Above and below: Poi manu; Hemi Sundgren teaching tikanga and movement of mau rakau

Taranaki Iwi – 15 Young Leaders Summit 31 May - 1 June 2019

The Young Leaders Summit In June 2019 in collaboration with Ngāti Mutunga and Te Atiawa Iwi and focused on 40 taiohi iwi members from each iwi.

The two-day summit was facilitated by Te Waka Ruapounamu McLeod and Ward Kamo and featured keynote speakers from across the country including local entrepreneur and founder of International Volunteer HQ Daniel Radcliffe who spoke about building one of the world’s leading volunteer travel com- panies. Jesse Armstrong spoke to an innovative technology to tell iwi stories. Jesse is the CEO of Vaka Interactive and has developed a product they call ‘Cultural Lens’. The product is an interactive digital portrait utilising anima- tion to engage with patrons visiting museums and many of our taiohi were captured by his presentation. A panel discussion followed that allowed participants to ask questions of some of our tribal leaders. The final keynote speaker of the day was Bentham Ohia who shared his cultural observations and experiences pertaining to his working career and personal life. He spoke about the importance of spiritual assistance and the significance of the ‘5 R’ formula representing Relation- ships, Responsibility, Reciprocity, Re-distribution and Respect. His son Tahua- roa then shared his experience living with autism. This showed leadership in a different light, leadership in the whānau and leadership that exhibits empathy, patience and self-belief. Pio Terei led Day Two and challenged our taiohi on the importance of staying healthy in mind, body and spirit. The Summit was an opportunity to connect our future leaders to entrepreneurs, future thinkers and innovators, health and cultural motivators and iwi leadership. It was an opportunity to under- stand leadership roles as we look to grow our future leaders.

Above: waiata time - Tatyana Glassie (foreground); Facilitator Ward Kamo; Guess speaker Bentham Ohia (standing); breakout groups with Te Waka McLeod; taiohi listening in

16 – Taranaki Iwi – Annual Report 2019 Paepae Wānanga The purpose of our paepae wānanga is to build capacity, connection and relationships on Taranaki Iwi paepae with the focus on kaikarakia, kaikaranga, kaikōrero and kaiwaiata.

Wānanga 1: 23 June 2019 Te Niho o Te Atiawa

At this wānanga a spokesperson from each marae pā gave a history of their marae. Dennis Ngawhare - Puniho, Ruakere Hond - Te Paepae, Maata Wharehoka - Te Niho o Te Atiawa, Rawiri Mahutonga - Toroānui, Leanne Horo - Te Potaka and Wiremu Edwards - Orimupiko all gave insightful histrical accounts and we were able to consider how some of the marae tikanga and kawa have developed over the years.

We then spent much of this wānanga on ‘He Tangi mō Te Whetū Moeahu’ a waiata composed by Kahui Kararehe for one of Parihaka’s great leaders. This waiata draws on a lot of Taranaki reo and kīwaha and Ruakere was able to explain the waiata in depth.

Taranaki Iwi – 17 Wananga 2 22 September 2018 Te Paepae o te Raukura

Dennis Ngawhare, Ruakere Hond and Wharehoka Wano led discussion on kawa and tikanga and how they apply with each marae pā spokesperson talking through various kawa tikanga scenarios at their own marae.

These discussions raised many issues around tangihanga and from here it was agreed to begin to develop Tangihanga Guidelines for Taranaki uri to help understand the responsibilities both cultural & practical when conducting tangihanga. The lack of capacity to fulfill both the front and back roles, the expectations by whānau on the marae pā in bringing their loved ones home and the lack of knowledge around tangihanga tikanga all meant there is a need to provide these guidelines. It was decided that we would engage with our marae pā whānau over the following twelve months.

Hui 26 January 2019 Toroānui 31 March 2019 Puniho

These 2 hui focussed on the development of the Ngā Aratohu Tangihanga - Tangihanga Guidelines. Through wānanga we discussed tikanga and process from the time of passing and prior depending on the nature of the illness, through to what happens post tangihanga. The engagement through this process was helpful as our tauheke kuia were able to provide us with much needed advice. The drafting went through a number of iterations and we were pleased to launch the guidelines at the September 2019 marae pā hui. As the title states they are ‘guidelines’ to help whānau plan and prepare for tangihanga so that when the time comes, whānau are aware of expectations, steps to be taken and can then anticipate what will happen at the marae or home during this traditional grieving ceremony. The guide is split into the following sections: Whakaritenga: Preparation Te Wā o te Mate: At the Time of Death Whakarite Marae: Preparing the Marae Whai Tikanga: Following Tangihanga Processes Whai Muri: After the Tangihanga

The guidelines can be found on the Taranaki Iwi website. www.taranaki.iwi.nz

18 – Taranaki Iwi – Annual Report 2019 Environment - Whenua • Launch of Taiao Taiora - Taranaki Iwi Environmental Management Plan • Creation and implementation of Kaitiaki Whenua Ranger role • Creation and implementation of Toa Taiao roles • Mapping of 123 coastal sites of significance • Development of Rautaki Tiaki Whenua - Taranaki Iwi Reserve Management Plan • Responding to at least 100 resource consents and the development of numerous environmental submissions • Development of Takutai title applications under the Marine and Coastal Areas Act • DSP offer to Taranaki Uri members

Taiao Taiora The term Taiao Taiora captures our traditional role of protecting our environment and our environment will sustain us. The Taranaki Iwi Environment management plan draws on our spiritual values that connect us to the land, the sky, the sea and the rivers and remind us of our responsibilities to care for our place.

Taiao Taiora was launched in July process in late 2018 and he has had a The development of the Rautaki 2018 and was two years in planning productive year learning a lot within Tiaki Whenua - Taranaki Iwi Reserve and engaging with our on the ground that environment. After his two years Management Plan alongside DOC is kaitiaki. Perception Planning were of training he will then work full time the plan that will help us manage the contracted to lead this work as we for Taranaki Iwi. 23 cultural redress sites we received developed the draft that focused on back from DOC through settlement Once the kaitiaki role was bedded what were our priorities in protecting and with the Kaitiaki Whenua Ranger in we then put in place the our environment. The cultural lens Role now in place we feel we are implementation of 3 Toa Taiao roles. was based on Taranaki Iwi values and better equipped to look after our These roles work in conjunction with our Atua Māori framework. sites appropriately. The development our marae pā communities and will of Takutai title applications under The launch at Ōkurukuru was well act as monitors within their respective the Marine and Coastal Areas Act attended by NPDC, STDC, TRC, marae pā boundaries so we can gather has been a long slow process and DOC and other external agencies relevant on the ground data of what we will be embarking on the next that manage activities that impact is happening in our waterways and phase of the process in 2020 with in our tribal rohe and Taiao Taiora coastline and across our whenua. the development of historical and has already proved to be effective In September 2019 two Toa Taiao tangata whenua evidence to record for those agencies to understand positions were recruited Taipuni our traditional practises of mahinga our position on any environmental Ruakere for Oākura and Puniho and kai on our pukāwa / coastal reefs. issues. We have used this to preface Tihikura Hohaia for the Parihaka any submissions and circulated to marae and coastal area and they have appropriate stakeholders through the worked closely with Wayne Capper Deferred Settlement Properties consents process. and the marae pā whānau that they Late in 2018 we offered 15 Deferred represent. As with any operational plan they Settlement Properties (DSPs) require kaimahi. With the return of The mapping of 123 coastal sites of to Taranaki Uri as a first right to 23 cultural sites previously managed significance was a huge undertaking purchase. These properties were by DOC through our settlement for the team working with the Taranaki part of our settlement redress that package the opportunity to train one Regional Council. By identifying these the TIHLP did not purchase back. of our own in collaboration with DOC sites we are ensuring that moving Two properties were considered by as a Kaitiaki Whenua Ranger came forward our marae pā and tribal Taranaki Iwi members and they are about. Wayne Capper was offered voice will be taken into account in still currently working through the the role through our recruitment the consideration of any activities. process to purchase.

Taranaki Iwi – 19 Education Grants This year $68,000 was awarded to 93 educational grant recipients undertaking secondary, tertiary and vocational studies. This represents a marked increase from 2018 where 39 recipients received $29,000. The 2019 recipients are as follows:

Abbie Bailey-Nowell T Kohein Rona S Te Karira Ruakere-Norris S Jesse Chittenden-O’Leary T Tama McGuigan V Georgia Jost S Reuben Amataiti S Clevelynd Maki-Tuara S Mitchell Langton T Alana Paewai S Leilani Amataiti S Te-Ao Taumarewa Meihana-Eiffe S Juliet Lee Pattison T Tamaarangi Te Rei-Tuuta S Georgia Lambert T Rhys Muru-King T Corban Paewai S Natalia Speechlay T Alexandra Bennett T Lily Maxwell T Tepaki Hui T Kahana Ngaia S Tamu McGuigan V Griffin Roberts S Ria Brosnan T DeejaeTaiwhati S Ngapera Parata S Alexandra Tahau T Lisa Tapiki T Tia Ward S Kahu Capper S Taneal Jones T Harrison Grant T Rongomai Te Rongonui Manuel S Denim Chase V Niki Wiremu Gavin Muru-King S Archie Jost S Maia King S Tiana Capper S Karlene Mackey T Tara Bishop T Hinenui Wano-Bryant T Rongomaihenga Waerea-Hohaia S Denise Tims T Phelan Te Ahu Rona S Ashleigh Wilson-van Duin T Maia Speechlay T Timu Wano T Karmin Erueti V Taumauru Hond S Hinerangi Mahara T Sean Young S Diana Hemara-Ansell T Puāwai Meihana-Eiffe T Awanuiarangi Wano S Manaaki Hunt S Travis Hunt S Kendal TangiraWest S Taylor Green T Indiana Shewen T Sheridan Clark S Erana Tamati T Rahiripoho Waerea-Hohaia S Bianca Amataiti S Mangaia Maki-Tuara S Tyson Chase S Keriana King S Te Ao McGuigan S Isla King S Tahlay Meihana-Eiffe S Flynn Murray-Taingahue S Rawinia Joanne Manuel S Brandon Jost-Turei S MatiuTe Rei-Tuuta S Whakairitaua Stanyon S Kody King S Te Aotahi Rice-Edwards T Ivan Tarlton T Taiora Capper S Gabriella Horo S Rebekha Manu-Millar T Bree-Anna Langton T Meretini Manukonga T William Southorn S Kody Ward T Te Kahurangi Skelton-Pue T Jacinta Seed T Takarangi Wiliams V George Fitzgerald T Reef D’Ath-Rukuwai S Cheyne-Jackson Taamaru S Mikayla Clark S Xavier Langton T

S = Secondary T = Tertiary V = Vocational

Vocational Vocational $5,000 5

Secondary Secondary Secondary Tertiary $25,000 50 Vocational Tertiary Tertiary $38,000 38

20 – Taranaki Iwi – Annual Report 2019 Ka Uruora Ka Uruora has its origins in a classical Taranaki karakia that acknowledges our connection to place while revitalising and encouraging growth. KA URUORA An ‘uru’ is also a term used to describe a grove of trees. The oldest groves of trees in the forest were considered the noble leaders, providing shelter and support whilst empowering others within the forest to grow. Ka Uruora seeks to give effect to these symbols and ideas by providing a programme of services and support to empower whānau achieve financial independence and improve financial wellbeing. On August 26 2019 the Ka Uruora programme was launched at the Novotel. Ka Uruora was developed as a programme of services to support whānau to improve financial wellbeing and achieve financial independence. This also provided an opportunity for iwi to support whānau members as a platform to directly invest in the financial future and aspirations of our people. It is exclusively available to registered members of all participating iwi. Programme of services to increase financial wellbeing and financial independence. • Whānau Financial Independence Housing Other Benefits • Financial Education • Savings The Ka Uruora programme includes a range of integrated services especially designed for whānau, including: • Financial education to help whānau build financial capability and achieve greater financial security and independence. • A whānau savings programme with special features and benefits designed to support whānau achieve their financial goals. • A whānau housing programme developed to support whānau enter home ownership. • Other benefits offered exclusively to support whānau, including specifically negotiated preferential benefits/ rates for various financial and consumer services. For more information go to www.kauruora.co.nz We are thankful for the support of these strategic partners the TSB Community Trust, New Zealand Housing Trust, Te Tumu Kainga, TSB Bank and Te Puni Kokiri and of course have jointly launched Ka Uruora with Te Kotahitanga o Te Atiawa and are hopeful that other Taranaki Iwi will join us with this opportunity in the future.

Taranaki Iwi – 21 Relationships - Representation Support for Marae Pā In this last financial year we signed a further 3 Memorandums of Understanding (MOUs) with our marae pā whānau and have now established proactive relationships with Puniho, Orimupiko, Oakura, Te 1. Potaka, Te Niho o Te Atiawa, and Te Paepae.

These MOU’s provide opportunities for improving the relationship between Te Kāhui o Taranaki and the 7 marae in the Taranaki Iwi rohe. It is a clear objective to implement a strategy that will provide resources to marae pā to progress opportunities culturally, socially and or economically.

Above: Ruakere Hond (Chair of Te Paepae o Te Raukura) and David Tito

External MOUs We’ve also signed another five external MOUs in addition to the existing MOU we have with WITT. 2. These include TSB Community Trust, Tui Ora Ltd, Victoria University, Te Korimako and Sport Taranaki. These relationships allow us to leverage opportunities and relationships to the benefit of Taranaki Iwi. We are already working closely with these organisations across a range of activities as you will note in the Annual Report.

1. Leanne Horo (Chair TKoT) & Jean Hikaka (Chair of Te Niho o Te Atiawa) 2. Leanne Horo (Chair TKoT) & Harvey Dunlop (Chair TSB Community Trust) 3. Daniel Harrison (Deputy Chair TKoT) & Wayne Mulligan (Chair Tuiora) Hayen Wano (CEO - Tuiora) 4. Taranaki Iwi Trustees with Hone Niwa (Chair Te Korimako), Tipene O’Brien (General Manager Te Korimako), Archie Hurinui (Staff Te Korimako) Angie Walters (TKoT) with Victoria Staff and other Taranaki Iwi who signed MOUs with Victoria University 5. Howie Tamati (CEO - Sports Taranaki) Leanne Horo (Chair) Wharehoka Wano (CEO) 6. Taranaki Iwi Trustees with Hone Niwa (Chair Te Korimako), Tipene O’Brien (GM Te 3. Korimako), Archie Hurinui (Staff Te Korimako)

22 – Taranaki Iwi – Annual Report 2019 4.

Engagements with going through the disestablishment was set up after the May meeting and process and part of that was to led by Damon Ritai with input from Central Government, complete the Annuity of which Tonga Karena and Keith Manukonga Local Government & $20.8mil was paid out in September its job was to collect a marae pā 2019 after a ceremony at Owae marae. narrative on their connection to the other agencies Engagement hui were held in April maunga. This is still in progress and We are continually being called 2019 and further hui are planned as the working party presented back on to engage at various levels we look at what a Tribal Regional to the marae pā forum in July and across a range of kaupapa with Body may look like in the future. September. both Central & Local Government. The Taranaki Iwi Chairs forum gives Central Government includes DOC, us the opportunity to discuss and Ministry of Environment, Ministry keep updated on regional kaupapa of Health, Ministry of Education, including the Maunga Negotiations, Ministry of Business, Innovation and the TRC Standing Committee Employment, Department of Internal representation, Project Mounga, Affairs and Te Puni Kokiri. The level Putake o te Riri and Koroneihana of our involvement is dependant on which have been relevant kaupapa whether it is a priority in terms of our over this reporting period. own strategic goals. We have also been regular attendees There are many requests to regional at the National Iwi Chairs Forum and district councils from regional (NICF) with hui over the reporting representation, planning and period being held in Dunedin, environmental issues and we do Waitangi, Ōtaki and Hastings. These 5. have representation on the NPDC hui give us the opportunity to meet Te Huinga Taumatua Board and the with tribal leadership around the STDC Iwi Liaison Committee. We also motu and discuss issues of national have representation on Tapuaeroa importance items such as the Wai and the Taranaki Crossing. Māori submissions. Taranaki Māori Trust Taranaki Iwi Maunga Board - Taranaki Iwi Negotiations - Chairs Taranaki Iwi These hui occur every second month Maunga Negotiation hui for Taranaki with the Taranaki Māori Trust Board Iwi have been regular with Lead (TMTB) in the morning and the Negotiator Jamie Tuuta presenting to Taranaki Iwi Chairs meeting after the marae pā forum in May and July. lunch. The TMTB as you are aware is A Taranaki Iwi maunga working party 6.

Taranaki Iwi – 23 Communication Member Registration The Trust’s online membership registration that went live in early 2018 has proven to be the preferred option for new registrations and member detail updates.

As at 30 June 2019, Taranaki has a membership of 4,797. This includes active and non-active members 2017 - 3,490 2018 - 4,252 (Adults 2,796 and Minors 1,456) 2019 - 4,797 (Adults 3,678 and Minors 1,119)

4,797 3,678 2,351 2019 Total Membership 2019 Adult Members Male 49% +545 from 2018 1,119 2,446 2019 Minor Members Female 51%

4,252 2,796 2018 Total Membership 2018 Adult Members 1,456 2018 Minor Members

3,490 2017 Total Membership

Membership: Geographical Spread

Auckland 1,177 Taranaki: 1,177 Hamilton 422 Wellington: 422 Taranaki 337 Auckland: 337 130 Hamilton: 130 Wellington 119 Dunedin: 119 105 Christchurch: 105 Christchurch 175 Overseas: 175

2,332 Other NZ Locations* Dunedin

24 – Taranaki Iwi – Annual Report 2019 We are in a good The challenge though is ensuring at the marae pā forums include the our data is current and accurate Charter and Strategic Plan review place in terms of data and we have begun the process of process, Tiripoua day, Taiohi and management and prior referencing registrations for any paepae wānanga, the DSP offer, to the annual elections missing information. Maunga Negotiation hui, Taranaki Māori Trust Board Engagement hui, process we had the data Numbers at a glance: Taranaki Iwi Chairs Update, Project base audited by Elections Mounga Updates, the creation of 516 - members aged 18-24 for which the Environmental roles, the TRC NZ and then we did no adult registration has been representation roles and various received another thorough check other kaupapa deemed relevant. 348 - members with no address when we moved from We have produced and sent 22 details E-Pānui to membership. Subscribers Access to the TikiOS 21 - with no DOB increased from 607 to 897 subscribers integrated online system. during this period. EPānui reported We encourage all uri to go to our on activities conducted by TKOT This will give us an website to ‘update their details’ or including those outlined above opportunity to provide alternately email the office. with the marae pā forum. We also promoted events relevant to Marae pā bi-monthly hui have up to date data on the TKOT such as Māui Pōmare day, continued to be an important way Koroneihana, Puanga Kai Rau and status of the database of communicating with our whānau any other local events. moving forward. who are active on our marae pā. We are currently reviewing how we can We work closely with our MOU be more effective in communicating partner Te Korimako o Taranaki with our marae pā whānau and who provide live audio and video have started meeting directly with streaming and we have regular slots individual marae pā to surface their on Te Korimako updating current specific needs. Activities discussed and future events.

Taranaki Iwi – 25 Distribution Marae pā direct funding The marae pā direct distribution was instigated in 2018 and after the initial $100,000 each of the seven marae pā will receive an annual distribution of $50,000.

Date Uplifted/ Uplifted/Invested Marae Date MOU signed Forecast Invested Amounts

Puniho 28/05/17 18/05/18 $100k paid 06/09/18 $50k paid 06/09/18 $50k paid

Oākura 27/08/17 18/05/18 $100k paid $50k $50k

Te Niho o Te Atiawa 23/09/18 Request to re-invest $100k $50k $50k

Te Paepae o Te 22/05/18 28/08/18 $100k Invested $50k Raukura $50k

Toroānui $100k $50k $50k

Te Potaka 06/11/17 11/06/18 $100k Invested $50k $50k

Orimupiko 25/03/18 18/05/18 $40k paid $50k 10/12/18 $60k invested $50k

22

64kg

Pataka 220kg The pataka has continued to be utilised to primarily support our tangihanga (19). 235kg

The other designated events include, the Pāhake Christmas kai (1), the Taranaki Iwi AGM (1) and the June 18th and 19th at Parihaka which is kawe mate month (5). Here is a break down of the pataka distribution.

From 1 April 2018 To 30 June 2019 Snapper Heads Kingfish Koura

26 – Taranaki Iwi – Annual Report 2019 Strategic Governance Charter Review and Strategic Plan Review In June 2019 the Board engaged Jamie Tuuta to facilitate our Taranaki Iwi Charter and Strategic Plan Review. The first of these engagement hui was held in late July in Opunake and in August engagement hui were held in Dunedin, Wellington and Auckland. This has been followed by further hui in late September. Taranaki Iwi uri had the opportunity to submit written submissions to the Charter and contribute to the Strategic Plan. Further engagement hui will occur with the final presentation to be presented at a Special General Opunake Meeting in February 2020. Trustee Training Taranaki Iwi trustees have continued to ensure there is effective leadership through governance and management that supports the achievement of Taranaki Iwi development growth and sustainability. Governance training and building governance capacity for tribal boards and our marae pā committees was identified and in October 2018 with the support of Te Puni Kokiri (TPK) and The Institute of Directors (IOD) a three day high level governance programme was conducted focusing on Governance, Finance and Strategy. The Ngā Pae Hihiri Programme included Facilitators Susan and Jane Huria who are both Ngai Tahu and Catherine McMillan who have all had vast experiences working in governance in the tribal space. Marae pā trustees were also invited to this programme. Dunedin Building Operational Capacity Strategic meetings to consider opportunities have resulted in identifying building capacity amongst our operational team is a priority. You will note the Environmental team has grown with the introduction of the Kaitiaki Whenua role and the Toa Taiao roles. It was decided during this reporting period that we would recruit an Operational Manager to build the internal office capacity and this role has recently been filled. We are now preparing to add a position to the Project Coordination team to help us deliver further on our tribal objectives. We would like to acknowledge the operational team who continue to work hard for Taranaki Iwi. We thank Te Kere Davey who filled our communications role and has since returned to TRC team and wish him well. Operation Team Tumu Whakarae, CEO - Wharehoka Wano Wellington Pou Taiao, Iwi Environment Manager - Puna Wano Bryant - (Maternity Leave until January 2020) Images: Charter review engagement Hui Pou Kokiri Operations Manager - Mark Wipatene held in Opunake, Dunedin, Wellington. Kai Whakahaere Tari, Office Administrator - Waiora Ashby Hohaia - (Maternity Leave until February 2020) Taranaki Iwi Kai Riwhi Whakahaere Tari, Office Administrator - Marama Witehira Board of Trustees Kai Tiaki Putea, Financial Officer - Tania Stokes Leanne Horo – Chair Kai Whakakorikori, Project Co-Ordinator - Angie Walters Daniel Harrison – Deputy Chair Aroaro Tamati Kaitiaki Whenua - Wayne Capper Wayne Mulligan Toa Taiao - Tihikura Hohaia, Taipuni Ruakere Jacqualine King Kai Tuitui, Communications - Te Kere Davey (Resigned July 2019) Rawinia Leatherby Koira ētehi o ngā mahi kua tutuki i a tātou i tēnei tau tīhei mouriora. Raymond Tuuta

Taranaki Iwi – 27 Year in Review 1 APRIL 2018 to 30 JUNE 2019 (FY19) GROUP FINANCIAL PERFORMANCE - FY19 v FY18

Group Statement of Revenue and Expenses

FY19 FY18 YoY Var$ Total Group Revenue 000’s 000’s 000’s $4.7M Operating Revenue $863 $516 $347 $958K Finance Income $3,863 $3,252 $611

Total Revenue $4,726 $3,768 $958

Total Expenses ($1,923) ($1,761) ($162) Net Operating Profit Net Operating Profit $2,803 $2,007 $796 $2.8M Change in Fair Value of Investments $2,776 $2,367 $409 $796K Share of Net Profits from Associates $94 $0 $94

Net Operating Profit after Other Income $5,673 $4,374 $1,299

The Group Statement of Revenue and Expenses for FY19 has been restated to show Net Operating Profit before investment revaluations. This shows a Profit for the FY19 year of $3.80m (FY18 $3.40m) after tax and Distributions, an increase of (+11.8%) Total Expenses incurred were $1.92m for the full 15 months of this financial year and are detailed in consolidated financial statements. Total Expenses for the Group (not including Distributions and Grants) included the Commercial Group operating expenses of $700k, the balance ($1.22m) being costs relating to Te Kahui o Taranaki Trust and Taranaki Iwi Charitable Trust. Those costs include; Governance $392k, Staff Expenses$580k and Advisory & Consultants $492k. The following table also sets out the Trust’s distributions and Grants for the financial year and are detailed in note 4 of the consolidated financial Statements. During the year, education grants of $68,000 were paid, an increase of $39,000 from FY18.

Trust’s Distributions and Grants FY19 FY18 YoY Var$ 000’s 000’s 000’s Distribution & Grants Net Operating Profit after Income $5,673 $4,374 $1,299 $1.2M Income Tax Expense ($662) ($494) ($168) $732K Distributions & Grants ($1,206) ($474) ($732)

Total Comprehensive Revenue & Expenses $3,805 $3,406 $399

28 – Taranaki Iwi – Annual Report 2019 Group Statement of Financial Position

FY19 FY18 YoY Var$

000’s 000’s 000’s Total Trust Capital Total Assets $97,189 $92,595 $4,594 $95.7M Income Tax Expense ($1,453) ($644) ($809) $3.78m

Total Trust Capital $95,736 $91,951 $3,785

The Te Kahui o Taranaki Financial Group position largely reflects the Balance Sheet of the Commercial entities. • Te Kahui o Taranaki Total Group Assets have grown $4.59m (+5.1%) • Trust Total Capital has increased by $3.78m (+3.9%) after allowing for Marae/pa distributions of $1.2m.

Taranaki Iwi – 29 TIHLP FY19 Chair’s Report Tēnā koutou katoa me pēnei te kōrero haere ngā mihi, haere ngā mate, haere whakamua tō tātou iwi o Taranaki tuturu.

‘He ika unahi nui’ - Protecting and • Ongoing execution of settlement company for Taranaki Iwi that growing our resources. property opportunities is value driven and a respected investment and economic leader in Te Kāhui o Taranaki founded • New quota leasing arrangements the Taranaki Region. Taranaki Iwi Holdings LP (Holdings) at Taranaki Iwi Fisheries Limited to be the iwi’s dedicated commercial (‘TIFL’) Our commercial manager and take responsibility for • Net profit at TIFL of just under stewardship of the pūtea. $500k values are: • Assisted Te Kāhui to establish EXCELLENCE - Achieve leading FY19 has been our third year of a savings and financial literacy sector returns on investment operations and we have continued programme for uri to follow our strategy of gradually GROWTH - Grow investments developing a high quality portfolio of Our strategy to enable continual growth in assets delivering sustainable earnings distributions We share and support Te Kāhui’s to support the work of Te Kāhui. LEADERSHIP - Lead within the vision and values: Highlights this year have included: Taranaki regional economy through • Holdings LP total comprehensive • Vision - Taranaki Iwi ‘Me Tōngai performance Harakeke’ income of $6.0m. This was for a INTEGRITY - Enhance the mana of one-off 15 month year (explained • Values - Kia rongomou, kia Taranaki Iwi by reflecting its values further below) vs FY18’s $4.4m manawanui, kia aroha ki te tangata, We aim to apply these in support kia tika, kia pono. • Acquisition of the New Plymouth of our investment strategy, which Novotel in a consortium with PKW Our goal is to support this vision by is to build a portfolio based on the and Te Atiawa being an outstanding investment following principles:

Conservative Direct Partnership Balanced A long-term commercially Direct investment to enjoy a Partner with other like- See a balanced portfolio that disciplined approach to competitive advantage. While minded entities, in particular generates the necessary cash investment decisions, waiting building our portfolio goal other Iwi in Taranaki and flow to sustain distributions for the right opportunities of 5-10 high quality direct PKW, enabling access to a but also provides for long- to invest where appropriate investments over the next 5-10 greater range of investment term capital growth. risk-adjusted returns on years focussing on a range opportunities and to larger capital are generated. of areas - such as property, scale investments which agribusiness, seafood, oil & are more likely to have the gas, tourism - Holdings will required quality of structure invest surplus funds. and governance.

30 – Taranaki Iwi – Annual Report 2019 Our Pūtea At year end FY19 the total Taranaki Iwi commercial pūtea was approximately $96m (including assets held through both TIHLP and TIFL), up approximately $3m since year end FY18 (March 2018). From settlement, when we had the pūtea just in cash, we have been gradually diversifying in line with our strategy to build a balanced, direct portfolio and ended the year with the dispositions as illustrated below:

Taranaki Iwi Portfolio – FY19 Closing

Crown Leases Private Equity & 3% Other Assets 2% Ngāmotu Hotel 4%

Fish Quota & Shares Income Funds 9% 34%

Infrastructure 9%

Growth Funds Cash 18% 21%

While the pūtea is around 73% in cash a 4.5-star rating As reported last year this is a new and managed funds, we now have • Existing full management team and grouping of 26 iwi and Maori investors direct exposure to infrastructure, client base seeking to partner existing NZ property and hotel/tourism, in institutional investors on large scale addition to fisheries assets. • Striking design investments. • Employs approximately 53 FTE staff Key new investment activity Through FY19 the investment • We will be undertaking a full committee got up and running and Novotel rebrand to change its name From into its detailed work. It is tasked with During the year Taranaki Iwi joined Hobson to Ngamotu sourcing, recommending and then with Te Atiawa and PKW to acquire The investment plays to our goal progressing opportunities for the fund. New Plymouth’s Novotel, on of high quality, well-managed, long While no investment was made this Hobson St. hold assets where we can negotiate year several were reviewed in detail. The Novotel is the city’s newest a good entry point. We also believe In keeping with our own strategy, purpose-built hotel and one of only in the long-term Taranaki and Te Pūia Tāpapa will be patient and two with international branding in NZ tourism landscape and the wait for the right opportunities the province. opportunity to build substantive however we are targeting at least one partnerships with like-minded It gives us exposure to the tourism investment in FY20 and for the fund investment partners. industry as well as corporate activity to become fully invested over five (the hotel has a strong list of bulk The investment settled at the start years or more. corporate clients), underpinned by a of calendar 2019 and we are happy As a cornerstone investor, TIHLP new, high quality building in a good to report that, in the short time supplies a director. location on a major arterial on the since, it has been performing to New Plymouth CBD fringe. expectations. Tai-Hekenga Tai-Hekenga is the consortium of Other attributes include: Our representative to the hotel board is Holdings chair Andy Knight. Taranaki Whānui linked iwi seeking • 85 room, full service offering with to purchase a large portfolio of conference, bar and restaurant Te Pūia Tapapa Crown leaseback land in Wellington facilities TIHLP is a cornerstone investor in including schools, Justice properties • Operating under the Novotel Te Pūia Tāpapa, a new iwi investment and specialist properties used by the franchised Accor Hotels Group with fund. Department of Internal Affairs.

Taranaki Iwi – 31 The process has been slow and Private equity Mai’ Agreement. This continues to complicated by Crown errors and give all participants, including TIFL TIHLP has taken positions in two hence settlements were not able access to value chain profit share private equity funds, Pioneer and to occur in FY19. By time of writing from Sealord without taking direct Pencarrow. These remain a small however, most of the negotiations operational risk. part of the portfolio and will both had been finalised. The schools likely take several more years to be We see the new ITM as a good component of the portfolio is the fully invested. These positions are outcome for TIFL, achieved in part largest and these properties were higher risk and illiquid but give TIHLP by negotiation as a co-ordinated acquired in early September 2019. exposure to NZ private markets iwi bloc. Justice properties are likely to be companies, including exporters, that settled in November and TIHLP will Ka Uruora it would not be able to access or commit its remaining monies shortly. manage directly. These funds are not TIHLP has been working closely The consortium represents a great expected to generate cash income with Te Kāhui on plans around opportunity to extend our exposure but to support our capital growth whānau financial capability and to very low risk, solid income aspirations over the medium to long housing and this has seen the generating property, with risks similar term (c 5 – 10 years). establishment of the Ka Uruora to the two long term lease schools Trust. This was officially launched we already own via Treaty settlement Managed funds in August 2019 and will provide mechanism. TIHLP invests in managed funds savings and educational benefits to the registered uri of associated iwi. Direct Property as a way of accessing high quality, low cost investment management Marae co-investment TIHLP continued its assessment that is flexible enough to provide a of properties available under the range of risks we need and that has TIHLP has run a programme Treaty settlement mechanisms and liquidity to allow us to fund our direct to allow affiliated marae the acquired six further properties in investments as and when required. opportunity to invest in Holdings FY19. Two of these are pastoral/ and enjoy either an equity or debt We take independent advice on fund lifestyle properties located near the style return depending on marae allocations, manager selection, we culturally important far west cape, preferences. Three marae have review positions regularly and change near Pungarehu. We also acquired taken up this opportunity and we allocations where appropriate. four residential properties that will thank them for their faith in us and FY19 was a mixed year for markets form part of the Ka Uruora scheme, for supporting this initiative. with a period of negative returns outlined in more detail below. and high volatility in the last three Financial performance Ongoing asset management months of 2018 however markets bounded back at the start of 2019 and The Taranaki Iwi Commercial Group Infrastructure TIHLP remains happy with its fund (Holdings and TIFL) delivered a total pre-tax return of 5.6% on TIHLP’s infrastructure investment selections and performance. opening assets across the group. continued to perform well. The fund Taranaki Iwi Fisheries Limited This is the 12 month return i.e. (managed by AMP Capital) invests scaled down as FY19 covered 15 in Australian and New Zealand TIFL runs a streamlined operation months as we moved to a June infrastructure and has holdings with all quota leased out, with income balance date from March. of high-quality assets including also coming from ownership of shares Melbourne Airport, Sydney rail in Moana NZ (formerly Aotearoa We are pleased with this return, network (Reliance Rail) and PowerCo, Fisheries Limited). There are no direct which is consistent with the risk Taranaki’s local energy distribution fishing operations and management profile of the portfolio, which has company. including treasury management is significant cash and conservative provided on contract by TIHLP. managed funds components. As Through the year they further asset diversification is gradually diversified by taking some The main quota lease was renewed implemented we would expect to major positions in university with Sealord in 1 October 2018 see this rise to our 7% target over accommodation in Australia. These following extensive negotiations. time. assets provide long-tenure secure Since FY14, TIFL has been part of an income in one of the world’s leading Distributions iwi collective contracting its quota export education markets. to Sealord. The agreements were TIHLP and TIFL together made a TIHLP is happy with performance up for renewal from 1 October 2018 $1.875m distribution payment to since investment and with the direct and as part of a consortium of iwi, Te Kāhui, however this was for a 15 infrastructure exposure this fund TIFL has participated in the new, month period and on an annualised gives. revised pan-iwi standard ‘Ihu to basis was $1.5m, up $50k from FY18.

32 – Taranaki Iwi – Annual Report 2019 Taranaki Iwi Commercial Group (Holdiings and TILF) Combined Financial Performance

FY19 FY18 15 months 12 months

Holdings Income $ 3,905,970 2,865,277

Fisheries Income $ 534,642 445,633

Total Income $ 4,440,612 3,310,910

Operating Expenses $ 700,515 551,008

Net Profit before tax $ 3,740,097 2,759,902

Other Comprehensive Income $ 2,734,929 1,900,447

Total Comprehensive Income before Tax $ 6,475,026 4,660,349

The year ahead Conclusion For FY20, we expect to: The board is pleased with financial performance in FY19 and with the new • See returns from Tai-Hekenga investment concluded through the year bolster operating performance and just afterwards. These should flow • Rebrand at the Novotel and through to sustainably increased cash ongoing good performance yields in the coming years. • Develop exposure to direct I wish to thank the TIHLP directors commercial property. At time for their contributions through the of writing an opportunity year, and to Tania and Whare for their to participate in a new iwi support. Thank you also to the trustees consortium was close to being of Te Kāhui o Taranaki for their finalised and we hope to have continued confidence in our work. news to report by the AGM Nāku te rourou nāu te rourou ka ora ai • Support the development of Ka te iwi Uruora though the supply of Taranaki Iwi houses into their scheme Board of Directors • Working with the other investors to establish Te Pūia Tapapa as Andrew Knight – Chair Andy Knight a major local direct investor Chair Leanne Horo in good New Zealand assets. We expect to see its first major Taranaki Iwi Holdings LP Hinerangi Raumati Tu’ua investment this year. Taranaki Iwi Fisheries Ltd Daniel Harrison – Associate Director

Taranaki Iwi – 33 Annual General Meeting Minutes 2018 TE KĀHUI O TARANAKI

Sunday, 23 September Phillips, R Robinson, Rachael King, ANNUAL REPORT 2018, 10am Simon George, Janine Luke-Taamaru, TE KĀHUI O TARANAKI GROUP CJ Taamaru, Saphron Ngaia, Shona Leanne Horo (Te Kāhui o Taranaki Toroānui Marae, Parihaka Manukonga, Trust, Chair) presented. START TIME: 10.11am Rongo Butler, Jenny Risk, Kimiora Taha, Tawake Okeroa, Teresa Steer, Highlights: MIHI / KARAKIA: Karanga whakatau Mike Ure, Rita Rukuwai, Will Edwards, • Tiripoua Day - 17 February 2018 – Teressa Steer, Karakia - Potaua Hone Toia, Ngahina Hohaia, Tyson Rangitaawa (acknowledgement of two years King, Taipuni Ruakere, Whiti Hikaka, since signing settlement) Wharehoka Wano WHAKARITE: Rewi Awhitu, Tokatumoana Walden • Purchase of Oakura Primary and acknowledged our recent losses. and Des Potauat Opunake High School - Te Kahui is INTRODUCTION: Chairperson, APOLOGIES: Rauna Ngawhare, now the landlords of both properties. Leanne Horo, made introductions Tabitha Lorck, Tapakione Skinner, Opportunity for Taranaki Iwi to be to the Te Kāhui o Taranaki (TKoT) Roena Ruakere-Te Uira, Robert visible in our rohe. Board of Trustees; Daniel Harrison, Rukuwai, Pauline Tairawhiti, Tony • Bi-monthly marae pā hui - MOU, Aroaro Tamati, Wayne Mulligan Ruakere, Wira Ruakere, Hinerangi Distribution (one marae to sign after and Rawinia Leatherby and new Edwards, Makere Edwards, Ana AGM today, one marae left to sign) Trustees announced as Jacqui Paewai, Maia Bailey, Marama • Taiao Taiora (document launched in King and Raymond Tuuta. Damon Bailey, Erana Hond Flavell, Rawiri July 2018) Ritai who put his name forward for Mahutonga, Verlie Gamble, Wayne election acknowledged and Dennis Hohaia, Leonie Hond, Amokura • Wānanga - Taiohi, Paepae (Taiohi Ngawhare outgoing Trustee. Directors Panoho, Wayne Mulligan (lateness), - 4th wananga of 4 to be held in of Taranaki Iwi Holdings LP (TIHLP) Hannah Buchanan, Waiana Mulligan, October 2018), Paepae 2nd wananga Andrew Knight and Hinerangi Lois MacDonald, Kahu Mulligan, held yesterday Raumati Tu’ua and Adrian Taylor of Jamie Tuuta, Liana Poutu • Education Grants – reciprocal Vanburwray Chartered Accountants agreement of recipients attending MOTION: introduced and Operational staff were events such as AGM, wānanga “THAT the apologies be accepted” acknowledged. • Taranaki Tū mai – to be held in Special acknowledgement to David Mover: Peter Moeahu November 2019 Tamatea, his whanau and extended Seconder: Janine Luke-Taamaru • Taranaki Māori Trust Board whanau of Orimupiko Marae, CARRIED disestablishment, New Regional Opunake. Entity – acknowledged Toka who has PRESENT: Leanne Horo, Daniel been our representative on the Board. Harrison, Aroaro Tamati, Wayne 2017 AGM MINUTES Toka has stepped down and Leanne Mulligan, Rawinia Leatherby, Jacqui TARANAKI IWI ANNUAL GENERAL has been nomination has been King, Raymond Tuuta, Dennis MEETING 2017 confirmed as the next representative. Ngawhare, Damon Ritai, Wharehoka • Taranaki Iwi Chairs Forum - Matters Arising: Wano, Angie Walters, Puna Wano- Maunga Negotiations, Tapuae Roa, The Chair spoke to the Doubtful Debt Bryant, Tania Stokes, Waiora Ashby, Koroneihana Andy Knight, Hinerangi Raumati Tu’ua, of last year and gave an update on • National Iwi Leaders Forum – have Adrian Taylor, Fay Mulligan, Mahora the court proceedings and confirmed been attended by Leanne Horo and Tairawhiti, Moepeke Tairawhiti, that the whānau have repaid the Wharehoka Wano to engage, listen Frederick Matiu-Paora, Tihikura funds in full. As the Trust has and learn. Next hui in Dunedin Hohaia, Kara Tuuta, Dionne Ngaia, insurance, the funds were returned to Shirleen Ngawhare, Patrick Phillips, T the insurance company. in October. A hui to engage with Taranaki iwi residing in Dunedin is Patene, Steve Paki Paki, MOTION: “THAT the minutes of the Taranaki being planned. Dolly Horo, Stacey Wirihana, Iwi Annual General Meeting 2017 • New Financial Year 1 July - 30 June Diane Ratahi, Robyn Davey, Agnes be accepted as a true and accurate Wharehoka, Ngawaea Ripia, Lisa Suggested by Peter Moeahu to take record of that meeting” Revell, Jean Hikaka, Te Whiti o Chair’s Annual Report as read. Rongomai Mason, Potaua Rangitaawa, Mover: Peter Moeahu Mover: Peter Moeahu Ruakere Hond, Peter Moeahu, Keith Seconder: Rita Rukuwai Seconder: Kara Tuuta Manukonga, Sharron Steen, Sue CARRIED CARRIED

34 – Taranaki Iwi – Annual Report 2019 Questions/discussion: Taranaki Iwi representative) that no will take a number of years for the Purchase of the Schools - confirmed decisions have yet been made and portfolio to grow. Crown negotiations that TKoT are not responsible for that disestablishment is not an easy are a lengthy process. Private equity – maintenance of the school buildings. process with a lot of legislation to some small steps taken (it’s still early work through. Encouraged uri to on in the commercial lifespan to be Education grants - confirmed all attend hui (hui have been held in the taking such steps). registered members are entitled to North and South as well as updates apply and that application dates had Te Puia Tāpapa – Hinerangi Raumati at Taranaki Iwi marae pā bi-monthly been changed to suit the school/ acknowledged for her role on hui) to discuss disestablishment and university calendar. A suggestion was the board. $115m as a collective the legacy of TMTB. Minister Mahuta made that the Trust look at having (Taranaki Iwi committed $10m of that still to sign off on the change of Toka two intakes (secondary and tertiary) pool) and looking at how to invest in and Leanne as the new Taranaki Iwi in the future. assets. Relatively low cost for TIHLP. representative. By pooling our funds together with Hapū relationships and status Huinga Taumatua NPDC other iwi means that we have the discussion - there was support from representative - Dennis Ngawhare capability to invest and gain the the floor that hapū should have a as current representative provided attention of the government and higher profile within dealings with context and background. Dennis large institutional investors. Goal is TKoT and independently. The Trusts took the position and resigned as to put further funds in 5 year marks. current position is that it deals Chair as Puniho pā to avoid conflicts. Taranaki have ended up in quite directly with marae pā. While some As Dennis is resigning from TKoT the a critical role within the structure. hapū are established, others are not. position is now open. Hinerangi and Andrew both sit on the Suggested that hapū engagement board and are part of pulling things becomes a higher priority. Annual report formatting - recommendation that a larger font together. Registration numbers - a request be used to number pages within the Community Housing - commercial from the floor that the annual report annual report for ease of use. perspective to social issues coming show comparable data each year on out of the Trust. registration growth. MOTION: “THAT the Chairperson’s DSP Assets - working through Maunga Negotiations - mention Report for Te Kāhui o Taranaki Trust DSP Assets which don’t have any was made that planned forums of be received” commercial value but do have engagement (schedule of hui for Mover: Peter Moeahu cultural with the Trust at the moment. engagement) was not provided and Seconder: Keith Manukonga Have investigated a wide range of keen for an update including Tapuae CARRIED Roa. Concern around adequate investment opportunities Taranaki consultation with hapū. including farming, The process was explained for receiving proposals Names and name changes for various ANNUAL REPORT from individuals and companies and Maunga sites including personality - TARANAKI IWI HOLDINGS LP AND not aware of what other iwi have also also how partnerships are greatly put forward. TARANAKI IWI FISHERIES LTD important when it comes to investing. Still building maturity to be able to Andrew Knight (Taranaki Iwi Holdings Leanne updated that four manage capabilities. engagement hui were held with LP, Chair) presented. Long time growth assets - what are the negotiators to date. No Last years hui set the scene of how the actual funds being invested? decisions were being made, bringing portfolio is building. Taranaki Iwi information together at this stage. Holdings LP (TIHLP) have started $5m minimum would be the Action: Chair to follow up with down the track of investing. Part of commitment/investment into negotiations team regarding planned the core mahi was being able to work direct investments within property schedule. through the Deferred Settlement development (ref to slide table). Taranaki Crossing - opposition to this Property (DSP) assets. Some have Tai Hekenga (Port Nicholson) update project was voiced. commercial value and able to - still in dealings with the Crown. A Taranaki Māori Trust Board (TMTB) transact within the commercial entity. number of iwi working together. – questions and discussion around a Explained overweight in assets and Taranaki Iwi have committed $8m. new entity and structure and what looking to shift balance to direct By next AGM hope to report that it’s would happen to PKW shares. It was investments. complete. reiterated by Leanne, Wharehoka Overall the return for two years of Have established the Marae pā and Tokatumoana Walden (current settlement – still early days and support model. Making the TIHLP

Taranaki Iwi – 35 capability available to marae pā to to illustrate data with pie charts, of Silks and the response was very help manage the distribution funds.. terminology in layman's terms a positive. Regulatory issues came up for TIHLP summary of the annual consolidated MOTION: “THAT Silks Audit which have been resolved. accounts be put together for future Chartered Accountants be appointed annual reports to help the people Questions/discussion: as the auditors for Te Kāhui o understand. Taranaki Trust & Group for the Rocket Apples – were made MOTION: “THAT the Chairperson’s financial year 2018/2019” mention of at AGM 2017 as a TIHLP report for Taranaki Iwi Holdings LP investment, it was noted that the Mover: Peter Moeahu and Taranaki Iwi Fisheries Ltd be investment didn’t show in the annual Seconder: Robyn Davey received” report. Andrew updated that TIHLP CARRIED had received a report on Rocket 3 Mover: Wayne Mulligan weeks ago and explained that Rocket Seconder: Dennis Ngawhare are part of a very small investment CARRIED CHANGE OF and is doing very well but doesn’t FINANCIAL YEAR show in the report as the investor FINANCIAL REPORT The Chair was queried on the made investments in varying places reasoning behind the change of (with a small $2m investment). The Adrian Taylor (Vanburwray, Director) financial year. The response was plastic packaging of the apples was presented to align Te Kāhui entities and hold raised again as a concern to members. Accounts have been independently the AGM in the warmer months A Request for a breakdown of audited by Silks Audit Chartered to encourage more uri to attend, portfolio investments was made from Accountants. Adrian ran through particularly pāhake. the floor. comparable figures from last financial Feedback was that there could be a Ethical investments discussion year to current. Noted that 2017 risk of clashing with other iwi entities – kōrero from the floor around Financial Year was not a complete who also hold their AGM around commercial investments and year reported on. Adrian spoke to the the same time of year. The Chair cultural growth and ensuring that distributions which have been made responded that these factors will be investments are environmentally to marae pā. Made mention that Iwi taken into consideration. do not have many liabilities. ethical. Would like to see in more MOTION: “THAT the financial year detail where the investments are Questions/discussion: is changed from 1 April – 31 March to 1 being made – ie to who and what it’s Marae pā distributions/grants - July – 30 June” being used for. enquiry regarding the interest payable Mover: Diane Ratahi on the grants to marae pā. Leanne Andrew responded that a process Seconder: Fay Mulligan responded that TIHLP are working on is in place which ensures that fund CARRIED managers align with values and the finer details to confirm interest ethics (SIPO). The TIHLP board payable. reference these to ensure responsible Request for a graph showing tax paid ANNUAL PLAN investments including United Nations surplus / expenditure to illustrate Wharehoka Wano (Te Kāhui o charter which puts commitments at a glance as to how the Trust is Taranaki Trust, CEO) presented. on them fund managers. Constantly performing overall. Whare started by addressing the benchmarking to ensure Taranaki MOTION: “THAT Te Kāhui o Taranaki environmental issues that had been values are being upheld. That Trust & Group Audited Financial raised and reflection of “Me Tongai process is carried out and discussed Statements for the Year Ended 31 Harakeke” and being conscious of our around the board table and Leanne March 2018 be received and adopted” environment. Reassured the iwi that reinforced that guidance comes from Peter Moeahu environmental values are held high Te Kāhui o Taranaki Trust. Mover: Seconder: Will Edwards within the Trust and operations. Daniel Harrison added that the last CARRIED Values two years have been spent building Attending hui marae pa important capability and reassured that these issues (environmental, cultural) are APPOINTMENT Strategic Goals always in mind with future plans. Paepae wananga one way of providing OF AUDITORS distributions back to our people. Feedback on report - suggested Growing ourselves culturally as a that the financial commentary keep The Chair was asked from the floor people is an investment, not just its members in mind by being able how the Trust has found the service commercial investments

36 – Taranaki Iwi – Annual Report 2019 Annual Goals TRUSTEE Iwi can manage and assist Fay’s role. • Taiao Taiora document was ELECTION 2018 Fay updated on what the current available to uri to take away. Puna process is regarding discharges driving the environmental mahi Newly elected trustees announced (permits issued on discharge, rivers as the Iwi Environmental Manager. and congratulated. being widened to take the discharge). Signalled that looking to grow Trustees voted to office: Fay acknowledged Emily Bailey’s the operational team in order to representation and ability to extract Jacqui King deliver on the growth and mahi the finer detail – which stumps the Raymond Tuuta within the space. council. Have been told not to give • Marae pa has been valuable in Trustees currently holding office: up on asking for the details, details engaging frequently Chairperson - Leanne Horo on permits. Issues have been raised at Iwi Chairs Forum. • Representation – looking to hold Trustee - Aroaro Tamati wananga in Dunedin in October Trustee - Daniel Harrison Coastal Reserves, pā sites, schools - with uri down there Trustee - Wayne Mulligan Tihikura Hohaia Trustee – Rawinia Leatherby • Distribution – taiohi wananga – Reiterate Will mihi, to withstand Trustee – Dennis Ngawhare encouraged the iwi to send their robust questioning appreciated taiohi along. If for nothing else Pronunciation of mounga and iwi to than to make connection with their Andrew Knight Taranakitanga. GENERAL BUSINESS Environmental Report at the front of Pāhake support - Peter Moeahu Operational team acknowledged. the report – true traditional economy Reinforced that Tania Stokes, Peter acknowledged the 2017 Pāhake is our awa our kaawa and whenua Financial Controller, is available to Christmas and thanked the Board for and connection to it. Mihi to Whare. marae pa, iwi. Financial reporting a well run event. Positive mahi can’t happen soon literacy – Tania can help. Adrian Peter spoke to a proposal whereby enough. Leanne, hapū and marae/pā (VBW) was acknowledged and the iwi use leverage of association in the same boat. Whare reassured that we are in good with the Crown to approach various Trying to be solution focussed. hands and reporting can be reviewed government agencies in distributing Disappointed that we have to buy to help uri understand them better. funds and providing services to back our schools not farm settled by Slides of recent wānanga, uri among pāhake. Suggested a collaboration soldiers. Hurts that we have the environment and whenua. with other iwi around the maunga Lighthouse, DSPs sadden me. would be a good approach. Feels Questions/discussion: it’s important that the needs and Pā sites, Tāpuinikau fencing left to rot Engagement (nationwide requirements of pāhake are a priority. when they knew it was coming back. engagement process) noted in Giant cowshed and effluent ponds slides – Hapu engagement raised. TRC Representation - Fay Mulligan by. Consented from the TRC, non- Requested Ngāti Moeahu be Fay provided a written report which notified so not at table to be able to engaged with. Level of engagement was circulated to attendees. Report know. to be reviewed and changed to look was taken as read. Wade in the paru that out kids can’t to hapū. Concerns on committees – there’s swim in anymore. Fay Mulligan referenced the Charter a minimum relevance to cultural Kua riro te katoa ki te Pākehā ki te (page 4) quoted the “over-riding inclusion in granting permits and whakahaere. purpose” and felt the Trust was consents. A big issue. Encourages That is our true economy. stepping outside of those. Included uri to put in submissions to annual in the Charter are the hapū names, reviews or submissions. When we Not many of us still doing it, research yet engagement is not with hapū don’t our concerns are not recorded get our kids in there. (currently with marae pā). enough in the eye of council. Idea - Marae and puni on the cast Whare acknowledged and also Peter Moeahu acknowledged Fay again to teach our kids about advised that currently going through for her mahi and pleased we have connection to those awa a Charter review. representation on behalf of iwi. Fishery – data collation understand Board / Hapū relationship a concern Aroaro Tamati appreciated Fay’s the hazards, not just fish fish fish. and hoping it will be discussed at report and keen to look at how the Commercial whitebaiting should be board level. board can provide support in areas scrapped. such as farming discharge and how Teikaroa creeping confiscation.

Taranaki Iwi – 37 Mentality if it’s Māori land it’s up for Leanne grabs. Bottom of Cape Road, Otahiiti Koorero went to Te Pōtaka as Stream, farmer digging a drain out governing body and Ngāti Tara to sea. Burn outs at Coast Road and hapuu requested to place Rāhui and Okawa they will work with TRC to complete Farmers kids crossing Kapoaiaia in 4 signage. All enquiries should be wheels, leaving bottles. Flex Taranaki directed to Te Uraura Nganeko. Iwi muscle, tollgate used to be there precedent already there to test our Te Whiti or Rongomai Mason authority. Acknowledge Tihikura Explore our legal and cultural rights to put in a rāhui on those areas. Cape Egmont Road Lighthouse freedom campers using our coast. Freedom Camping. Whanaunga at Same issue all along the coast. Mokotunu experiencing unofficial tourism. Positive approach, coastal Ironsand mining, supporter of strip across from Te Ikaroa. Set up Greenpeace. arrangements to manage freedom Leanne camping. Tensions between Māori Suggested that Te Whiti o Rongomai landowners and farmers and talk to Puniho Pa representatives landowners. Give them an experience who may be able to share strategies here is the tikanga and there is a about dealing with freedom campers. price. Lighthouse is there to start korero for Parihaka small community Fay Mulligan business. Trustees to engage kaitiaki please Time for us to find economic prioritise solutions and tell our story or DSPs option for marae/pā to other people will continue to tell purchase it. Designated places under tikanga. Whakahono a Rohe Pan Tribal Cape Road is a starting point. approach not favourable Leanne Closing Comments Leanne Thanked people for general business. DSP date February 2019 Keith Manukonga Leanne Closing Comments MOU with TSB Community Trust, Reminded those present that there is MOUs with other banks? Merchandise available to purchase. Whare Acknowledged everybody for their MOU with TSB is supporting our attendance and participating in the Taiohi Wānanga discussion. Diane Ratahi Environmental sampling. Rāhui at KARAKIA: Potaua Rangitaawa Ngāpirau and Oaonui? MEETING CLOSED: 1.00pm

This document is printed on an environmentally responsible paper, produced using FSC® certified 100% Post Consumer Recycled, Process Chlorine Free (PCF) pulp from Responsible Sources. Manufactured under the strict ISO14001 Environmental Management System, and carries the internationally recognised Blue Angel, Nordic Swan, Austrian Environmental Label & the NAPM Recycled Mark.

38 – Taranaki Iwi – Annual Report 2019 New Plymouth

Oākura Pā / Okorotua.

Puniho Pā / Tarawainuku.

Te Niho o Te Atiawa / Paraahuka Te Paepae o te Raukura / Takitūtū Toroanui

Te Pōtaka

Opunake Orimupiko

Figure 1: Taranaki Iwi Rohe Figure 1: Taranaki Iwi Rohe Taranaki Iwi – 39 40 – Taranaki Iwi – Annual Report 2019 Financials 2018/2019

Taranaki Iwi – 41 Independent Auditor’s Report To the Trustees of Te Kahui O Taranaki Trust – Report on the Audit of the Financial Statements

Opinion of the Consolidated Financial is materially inconsistent with Statements section of our report. the financial statements or our We have audited the consolidated We are independent of the Group in knowledge obtained in the audit or financial statements of Te Kahui o accordance with Professional and otherwise appears to be materially Taranaki Trust and its subsidiaries Ethical Standard 1 (Revised) Code of misstated. If based, on the work we (the Group) on pages 48 to 74, which Ethics for Assurance Practitioners have performed, we conclude that comprise the consolidated statement issued by the New Zealand Auditing there is a material misstatement of financial position as at 30 June and Assurance Standards Board, and of this other information, we are 2019, and the consolidated statement we have fulfilled our other ethical required to report that fact. We have of comprehensive revenue and responsibilities in accordance with nothing to report in this regard. expenses, consolidated statement these requirements. We believe that of changes in trust capital and the audit evidence we have obtained consolidated statement of cash Trustees Responsibilities for is sufficient and appropriate to flows for the year then ended, and the Financial Statements provide a basis for our opinion. notes to the consolidated financial The Trustees are responsible statements, including a summary of Other than in our capacity as auditor on behalf of the Group for the significant accounting policies. we have no relationship with, or preparation and fair presentation In our opinion, the accompanying interests in, the Trust or any of its of the financial statements in consolidated financial statements subsidiaries. accordance with NZ IFRS RDR, and present fairly, in all material respects, for such internal control as the the consolidated financial position of Other information Trustees determine is necessary to enable the preparation of the Group as at 30 June 2019, and its The Trustees are responsible on consolidated financial statements consolidated financial performance behalf of the Group for the other that are free from material and its consolidated cash flows for information. The other information the year then ended in accordance misstatement, whether due to fraud comprises the Annual Report but does with New Zealand equivalents to or error. not include the financial statements International Financial Reporting and our auditor’s report thereon. In preparing the consolidated Standards Reduced Disclosure financial statements, the Trustees Regime (NZ IFRS RDR). Our opinion on the consolidated are responsible on behalf of the financial statements does not cover Group for assessing the Group’s the other information and we do Basis for Opinion ability to continue as a going not express any form of assurance We conducted our audit in concern, disclosing, as applicable, conclusion thereon. accordance with International matters related to going concern Standards on Auditing (New Zealand) In connection with our audit of the and using the going concern basis of (ISAs (NZ)). Our responsibilities consolidated financial statements, accounting unless the Trustees either under those standards are our responsibility is to read the other intend to liquidate the Group or to further described in the Auditor’s information and, in doing so, consider cease operations, or have no realistic Responsibilities for the Audit whether the other information alternative but to do so.

42 – Taranaki Iwi – Annual Report 2019 Auditors Responsibilities for the Restriction on Distribution Audit of the Financial Statements or Use Our objectives are to obtain This report is made solely to the reasonable assurance about Trustees, as a body, in accordance whether the consolidated financial with section 10.2 of the Trust Deed. statements as a whole are free from Our audit has been undertaken so material misstatement, whether that we might state to the Trustees due to fraud or error, and to issue those matters we are required an auditor’s report that includes to state to them in an auditor’s our opinion. Reasonable assurance report and for no other purpose. is a high level of assurance, but To the fullest extent permitted by is not a guarantee that an audit law, we do not accept or assume conducted in accordance with ISAs responsibility to anyone other than (NZ) will always detect a material the Trustees, as a body, for our misstatement when it exists. audit work, for this report, or for Misstatements can arise from the opinions we have formed. fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A detailed description of the auditors’ responsibilities including Cameron Town those related to assessment of Silks Audit Chartered risk of material misstatement, Accountants Limited evaluation of appropriateness of going concern assumptions and Whanganui, New Zealand determining key audit matters are 7 October 2019 available on the external reporting board website: http://www.xrb.govt.nz/standards- for-assurance-practitioners/auditors- responsibilities/audit-report-5/

Taranaki Iwi – 43
􀀂􀀃􀀄􀀅Directory Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

Nature of Business Investment for the purposes of providing benefits and opportunities for Taranaki Iwi

Beneficiaries Members of Taranaki iwi

Trustees Leanne Horo - Chair Daniel Harrison Aroaro Tamati Wayne Mulligan Jacqualine King Rawinia Leatherby Raymond Tuuta

Board of Directors Andrew Knight - Chair Leanne Horo Hinerangi Raumati Tu’ua

Bankers Australia New Zealand Banking Group (ANZ) Bank of New Zealand (BNZ) TSB Bank Limited (TSB) Westpac Bank New Zealand Limited

Solicitors Greenwood Roche Govett Quilliam

Chartered Accountant Vanburwray Chartered Accountants Limited

Auditors Silks Audit Chartered Accountants Limited 􀀃􀀍􀀗�

44 – Taranaki Iwi – Annual Report 2019 Statement of Comprehensive Revenue and Expenses Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

Notes 30 June 2019 31 March 2018 $ $ Revenue Operating Revenue 3 862,813 516,402

Finance Income 3 3,863,628 3,251,713

Total Revenue 4,726,441 3,768,115

Expenses Advisory and Consulting Fees 4 492,383 464,095 Community and Engagement 4 23,566 27,544 Foreign Currency Gains and Losses 4 133,973 407,019 Governance 4 392,018 300,271 IT Expenses 4 20,375 10,372 Office Expenses 4 151,074 98,306 Operating Expenses 4 130,331 59,543 Staff Expenses 4 579,564 393,586

Total Expenses 1,923,285 1,760,736 Net Operating Profit 2,803,156 2,007,380

Other Income

Changes in the Fair Value of Investments 5 2,776,455 2,366,952 Share of Net Profits from Associates 14 94,000 -

Total Other Income 2,870,455 2,366,952

Taxation

Income Tax 10 662,345 493,604

Distributions and Grants

Marae Distributions 4 1,008,274 400,119 Uri Distributions 4 197,369 74,355

Total Distributions and Grants 1,205,643 474,475 Total Surplus/(Deficit) for the Period 3,805,623 3,406,253

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached audit report.

Taranaki Iwi – 45 Statement of Changes in Trust Capital Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

2018 Retained earnings Reserves Total Equity Balance at 1 April 2017 85,115,142 3,409,021 88,524,163 Total Surplus 3,406,253 - 3,406,253 Transfers 59,486 (-59,486) - Balance at 31 March 2018 88,580,882 3,349,534 91,930,417

2019 Retained earnings Reserves Total Equity Balance at 1 April 2018 88,580,882 3,349,534 91,930,417 Total Surplus 3,805,623 - 3,805,623 Balance at 30 June 2019 92,386,505 3,349,534 95,736,040

The accompanying notes form part of these financial statements. These statements should be read in conjunction with the attached audit report.

46 – Taranaki Iwi – Annual Report 2019 Statement of Financial Position Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

Notes 30 June 2019 31 March 2018 $ $

Assets

Current Assets Cash and cash equivalents 6 14,190,479 2,633,756

Debtors and prepayments 7 416,539 159,192

Income Tax Receivable 10 166,938 393,093

Inventory 8 18,677 -

Short Term Investments 9 8,423,953 16,393,095

Total Current Assets 23,216,586 19,579,136 Non-Current Assets Deferred Tax 10 5,243 - Managed Funds 11 59,251,970 64,578,098 Property, Plant and Equipment 12 16,856 13,027 Intangible Assets 13 1,914,503 1,914,503 Investments in Associates 14 4,103,068 - Investments Recorded at Cost 15 4,924,919 3,743,556 Investment Properties 16 3,755,687 2,746,264

Total Current Assets 73,972,245 72,995,448

Total Assets 97,188,831 92,574,584

Liabilities

Current Liabilities Creditors and accrued expenses 17 282,940 244,167 Provisions 18 900,000 400,000 Marae Loans 19 163,914 -

Total Current Liabilities 1,346,854 644,167

Non-Current Liabilities Marae Loans 19 105,937 -

Total Non-Current Liabilities 105,937 -

Total Liabilities 1,452,791 644,167

Total Assets less Total Liabilities (Net Assets) 95,736,040 91,930,417

Trust Capital

Accumulated Surpluses or Deficits 95,736,040 91,930,417

Total Trust Capital 95,736,040 91,930,417

Signed for and on behalf of the Board of Trustees who authorised these financial statements for issue on 1 November 2019:

November 1st Trustee Trustee Date Taranaki Iwi – 47 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

30 June 2019 31 March 2018 $ $

Cash Flows from Operating Activities Cash Receipts from Customers 674,510 589,205 Interest, dividends and other investment receipts 1,183,469 707,689 Net GST (20,140) (21,959) Cash paid to Suppliers & Employees (1,498,926) (1,207,258) Net Tax (248,074) (100,198) Charitable Distributions/Donations (718,929) (14,281) Finance costs (14,504) -

Total Cash Flows from Operating Activities (642,594) (46,802)

Cash Flows from Investing Activities Net Investments in Short-term Deposits 7,969,141 6,932,227 Investment in Managed Funds - (3,119,915) Distributions from Associates 88,000 - Payments to acquire property, plant & equipment (13,768) (3,833) Investment in Associates (4,097,068) - Withdrawals from Managed Funds 10,234,630 - Investment in Property (1,009,423) (2,726,901) Investment in direct investments (1,232,196) (105,555)

Total Cash Flows from Investing Activities 11,939,316 976,023

Cash Flows from Financing Activities Marae Loan Proceeds 260,000 -

Total Cash Flows from Financing Activities 260,000 -

Net Increase/(Decrease) in Cash 11,556,722 929,221

Cash Balances Opening cash and cash equivalents 2,633,756 1,704,535 Closing cash and cash equivalents 14,190,479 2,633,756

48 – Taranaki Iwi – Annual Report 2019
􀀂􀀃􀀄􀀅Notes to the Financial Statements Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

1. REPORTING ENTITY The purpose and responsibilities purposes on the basis that it does of the Te Kāhui as outlined in not have public accountability and Te Kāhui o Taranaki Group the Trust Deed is to receive, is a large for-profit public sector comprises Te Kāhui o Taranaki hold, manage and administer the entity. The financial statements Trust, Taranaki Iwi Holdings settlement assets received on have been prepared in accordance Limited Partnership, Taranaki Iwi behalf of the ngā uri o Taranaki. Fisheries Limited, Taranaki Iwi with the requirements of the Claims Management Limited and Limited Partnership Act 2008, Taranaki Iwi Charitable Trust. 2. STATEMENT OF Companies Act 1993 and the ACCOUNTING POLICIES Financial Reporting Act 2013. Te Kāhui o Taranaki Trust (Te Kāhui) is a trust established by a Basis of Preparation Change in Basis of trust deed on 24 June 2013 and is The Group has adopted to Preparation subject to the Trustees Act 1956. report under the New Zealand The Group has adopted this year Taranaki Iwi Holdings Limited equivalents to International Partnership (TIHLP) is a limited to report under the New Zealand Financial Reporting Standards partnership registered on 11 equivalents to International - Reduced Disclosure Regime September 2015 and is subject to Financial Reporting Standards (“NZ IFRS – RDR”) as set out in the Limited Partnership Act 2008. -Reduced Disclosure Regime the External Reporting Board’s Taranaki Iwi Fisheries Limited is a (“NZ IFRS – RDR”) as set out in company incorporated under the “Accounting Standards Framework”. the External Reporting Board’s Companies Act 1993. The financial statements are “Accounting Standards Framework”. The previous financial year’s The financial statements general purpose financial were reported under PBE SFR-A comprising Te Kāhui o Taranaki statements that have been (NFP) Public Benefit Entity Simple Group are presented for the 15 prepared in accordance with Format Reporting - Accrual months to 30 June 2019. Generally Accepted Accounting Practice in New Zealand (Not-For-Profit). These financial statements and the (“NZGAAP”). They comply with The change has been made as accompanying notes summarise New Zealand equivalents to the financial results of activities most of the Group assets are held International Financial Reporting by TIHLP to provide a commercial carried out by Te Kāhui o Taranaki Standards (“NZ IFRS”) and other income return on assets to Group. Te Kāhui is engaged in the applicable financial reporting fund the commercial and non- business of investment for the standards as appropriate for purposes of providing benefits and commercial purposes of the Group. profit-oriented entities. The group opportunities to Taranaki Iwi. This is the reason for adopting For has elected to report under NZ Profit reporting. These financial statements IFRS – Reduced Disclosure Regime have been approved and were of the External Reporting Board Differences in presentation are authorised for issue by the Board as the company is a for-profit Tier noted in the Reclassification of Trustees on 1 November 2019. 2 entity for financial reporting note below.

Taranaki Iwi – 49 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

Reclassification table Reporting Framework

PBE SFR-A (Not For Profit) NZ IFRS – RDR Difference 2018 2018

Statement of Financial Performance Total Revenue 6,135,067 3,768,115 2,366,952

Total Expenses (- 2,235,210) (- 1,760,736) (- 474,474)

Surplus for the year 3,899,857 2,007,379 1,892,478

Other Income - 2,366,952 - 2,366,952

Income Tax - 493,604 - 493,604 -

Distributions & Grants - - 474,474 474,474

Surplus for the year after tax 3,406,253 3,406,253 -

Statement of Financial Position Total Assets 92,574,584 92,574,584 -

Total Liabilities - 644,167 - 644,167 -

Total Net Assets 91,930,417 91,930,417 -

Trust Capital 91,930,417 91,930,417 -

Reclassification basis. The financial statements are presentation and classification presented in New Zealand dollars in the current period. DSP Acquisition Costs have (NZ$) and all values are rounded been reclassified to Investment The reclassifications did to the nearest NZ$, except when Property from Investments not result in any changes to otherwise indicated. Recorded at Cost. There is no measurements. change to the figures disclosed Consolidation Standards, amendments in the prior year. The consolidated financial and interpretations to The Changes in the Fair Value statements comprise the Te existing standards that of Investments has been Kāhui o Taranaki Trust (Te Kāhui), are not yet effective reclassified from Other revenue Taranaki Iwi Holdings Limited to Other Income below Net Partnership (Limited Partnership), Some changes to accounting Operating Profit. There is no Taranaki Iwi Fisheries Limited standards have been published change to the figures disclosed (Fisheries Holdings), Taranaki that will be mandatory for in the prior year. Iwi Claims Management Limited the Group to follow incoming and Taranaki Iwi Charitable Trust financial years and have not Distributions and Grants paid (Charitable Trust). been adopted early: has been reclassified from grants and donations made in the Total Changes in Accounting • NZ IFRS 16 ‘Leases’ Expenses to Distributions and Policies (compulsory from 1 January Grants after Net Operating Profit, 2019). NZ IFRS 16 replaces NZ There have been changes in Other Income and Income Tax. IAS 17. Under NZ IFRS 16, a accounting policy during the year. There is no change to the figures contract is, or contains, a lease if disclosed in the prior year. Comparative balances have the contract conveys the right to been reclassified to conform control the use of an identified Measurement Base with changes in IFRS9 - Financial asset for a period of time in These financial statements have Instruments and IFRS15 - Revenue exchange for consideration. been prepared on a historical cost from Contracts with Customers NZ IAS 17, required a distinction

50 – Taranaki Iwi – Annual Report 2019
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between a finance lease (on at least twelve months after the Objective evidence that financial balance sheet)and an operating reporting period. assets are impaired includes lease (off balance sheet). All other assets are classified default or delinquency by a However, NZ IFRS 16 requires as non-current. A liability is debtor, restructuring of an a lessee to recognised, a lease current when: amount due to Te Kāhui on liability reflecting future terms that Te Kāhui would not lease payments and a ‘right- • It is expected to be settled in consider otherwise, indications of-use asset’ for virtually all a normal operating cycle that a debtor or issuer will enter lease contracts, meaning they • It is held primarily for the will appear on the balance bankruptcy, adverse changes in purpose of trading sheet. Included is an optional the payment status of borrowers exemption for leases to exclude • It is due to be settled within or issuers in Te Kāhui, economic certain short-term leases and twelve months after the conditions that correlate with leases of low-value assets. reporting period, or defaults or the disappearance of an active market for a security. There are no other changes to • There is no unconditional right In addition, for an investment in accounting standards that are to defer the settlement of the an equity security, a significant not yet effective that would be liability for at least twelve expected to have a material months after the reporting or prolonged decline in its fair impact on the Group. period. value below its cost is objective evidence of impairment. Comparative Figures Te Kāhui o Taranaki Group classifies all other liabilities as Financial assets measured Te Kāhui o Taranaki Group has non-current. at amortised cost changed balance date from March to June to enable participation of Goods and Services Tax Te Kāhui considers evidence iwi members. of impairment for financial All amounts are stated exclusive assets measured at amortised The figures for 2019 are for the of goods and services tax (GST) cost (loans and receivables and period of 15 months from 1 April except for accounts payable and 2018 to 30 June 2019. accounts receivable which are held-to-maturity investment securities) at both a specific The comparative figures for 2018 stated inclusive of GST. asset and collective level. All are for the period of 12 months The net amount of GST receivable individually significant assets from 1 April 2017 to 31 March 2018. from, or payable to the Inland are assessed for specific Revenue is included as part of Current versus Non-Current impairment. Those found not the receivables or payables in the Classification to be specifically impaired are statement of financial position. The Group presents assets and then collectively assessed for liabilities in the statement of Impairment any impairment that has been financial position based on Non-derivative financial assets incurred but not yet identified. current/non-current classification. Assets that are not individually An asset is current when it is: A financial asset not carried at fair value through profit or loss significant are collectively • Expected to be realised or is assessed at each reporting assessed for impairment by intended to be sold or consumed date to determine whether there grouping together assets with in normal operating cycle is objective evidence that it is similar risk characteristics. • Held primarily for the purpose of impaired. A financial asset is In assessing collective impairment trading impaired if there is objective Te Kāhui uses historical trends evidence of impairment as a result • Expected to be realised within of one or more events that occurred of the probability of default, twelve months after the after the initial recognition of the the timing of recoveries and the reporting period, or asset, and that the loss event(s) amount of loss incurred, adjusted • Cash or cash equivalent unless had an impact on the estimated for management’s judgement as restricted from being exchanged future cash flows of that asset that to whether current economic and or used to settle a liability for can be estimated reliably. credit conditions are such that

Taranaki Iwi – 51 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

the actual losses are likely to be an asset is determined to exceed determine impairment are applied greater or less than suggested by its carrying amount then the for each category of financial historical trends.An impairment resulting difference is recognised assets, which are described below. loss in respect of a financial asset as an impairment loss in profit or All income and expenses measured at amortised cost loss for that period. relating to financial assets that is calculated as the difference Financial Instruments are recognised in profit or loss between its carrying amount are presented within income, and the present value of the Recognition, initial except for impairment of trade estimated future cash flows measurement and derecognition receivables which is presented discounted at the asset’s original Financial assets and financial within expenses. effective interest rate. Losses are liabilities are recognised when recognised in profit or loss Loans and receivables the Group becomes a party to and reflected in an allowance the contractual provisions of Loans and receivables are non- account against loans and the financial instrument, and are derivative financial assets with receivables or held-to-maturity measured initially at fair value fixed or determinable payments investment securities. adjusted by transaction costs, that are not quoted in an active Interest on the impaired asset except for those carried at fair market. After initial recognition, continues to be recognised. value through profit or loss, which these are measured at amortised When an event occurring after are measured initially at fair cost using the effective interest the impairment was recognised value. Subsequent measurement method, less an allowance causes the amount of impairment of financial assets and financial for credit losses. Discounting loss to decrease, the decrease liabilities are described below. is omitted where the effect of discounting is immaterial. The in impairment loss is reversed Financial assets are derecognised Limited Partnership’s trade, through profit or loss. when the contractual rights to cash and cash equivalents the cash flows from the financial Impairment of Non-Financial and current investments fall asset expire, or when the financial Assets into this category of financial asset and all substantial risks and instruments. At each balance date, non-financial rewards are transferred. assets are classified into four Financial Assets at Fair Value A financial liability is derecognised categories: assets measured at fair through Profit and Loss value; assets currently available when it is extinguished, that Te Kāhui intends to use to discharged, cancelled or expires. For financial instruments, which are measured at fair value, the end of its useful life; assets Classification and subsequent changes in the fair values of these intended to be sold prior to the measurement of financial assets end of their useful life; and assets financial instruments are shown damaged or idle at balance date. For the purpose of subsequent under the other income section measurement, financial assets of the statement of comprehensive Assets measured at fair value or are classified into the following income. If the value of the assets Te Kāhui intends to use categories upon initial recognition: financial instrument has increased to the end of its useful life, are • Loans and receivables it will appear as income, if they not reviewed for impairment at have decreased it will appear as a balance date. • Financial assets measured loss. Revenue earned on financial Assets intended to be sold prior at cost instruments for example interest, to the end of their useful life or • Financial Assets at Fair Value dividends and PIE income, is assets damaged or idle at balance through Profit and Loss recorded separately in the profit date are reviewed to determine and loss section of the statement All financial assets are subject to if any indicators of impairment of comprehensive income, this review for impairment at least at exist. If indicators exist the asset revenue is not included when each reporting date to identify is tested for impairment to ensure calculating changes in fair value whether there is any objective that the carrying amount of the of the financial instruments. evidence that a financial asset asset is recoverable. or a group of financial assets is Financial Instruments - If the recoverable amount of impaired. Different criteria to Financial Liabilities

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The Group’s financial liabilities straight-line basis over the activities relating to the include borrowings and trade lease term. acquisition and disposal and other payables. of current and non-current Employee Benefits investments and other non- Financial liabilities are measured current assets subsequently at amortised cost Short term employee benefits using the effective interest method. Liabilities for wages and salaries, • Financing activities are those including accumulating holiday activities relating to changes Leases pay that are expected to be settled in the equity and those The determination of whether wholly within 12 months after the activities relating to the an arrangement is (or contains) end of the period in which the cost of servicing Te Kāhui‘s a lease is based on the substance employees render the related equity capital. of the arrangement at the service are recognised in respect inception of the lease. of employees’ services up to the Estimates and Assumptions The arrangement is, or contains, end of the reporting period and The key assumptions concerning a lease if fulfilment of the are measured at the amounts the future and other key sources arrangement is dependent on expected to be paid when the of estimation uncertainty at the use of a specific asset or assets liabilities are settled. the reporting date, that have and the arrangement conveys a Statement of Cash Flows a significant risk of causing right to use the asset or assets, a material adjustment to the even if that right is not explicitly Definitions of the terms used in carrying amounts of assets specified in an arrangement. the Cash Flows: and liabilities within the next Te Kāhui as a lessee • Cash includes coins and notes, financial year, are described demand deposits and other below. Te Kāhui based its A lease is classified at the highly liquid investments assumptions and estimates inception date as a finance lease readily convertible into on parameters available when or an operating lease. A lease cash, used by the group as the financial statements were that transfers substantially all part of its day-to-day cash prepared. Existing circumstances the risks and rewards incidental management and assumptions about future to ownership to the Group is developments, however, may classified as a finance lease. • Operating activities include change due to market changes all transactions and other Operating lease payments are or circumstances arising that are events that are not investing or recognised as an operating beyond the control of Te Kāhui. financing activities expense in the statement of Such changes are reflected in the comprehensive income on a • Investing activities are those assumptions when they occur.

Taranaki Iwi – 53 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

3. REVENUE 30 June 2019 31 March 2018 $ $

Operating Revenue ACE Quota Leasing 458,349 268,052

Administration Contract & Consultancy - 2,000

DIA Funding for Community Development Role - 80,000

Doubtful Debt Recovered - 40,861 Environmental Delivery Model Income 95,134 25,000 Grants Received 42,500 - Koha Received 3,441 1,855

Lease Income 203,400 70,029

Maunga Negotiations - 20,000

Sales (Merchandise) 5,904 -

Sundry Income 54,085 8,605

Total Operating Revenue 862,813 516,402

Finance Income ADIT Infrastructure Income 335,518 -

Distributions Received 82,727 222,727

Dividends Received 73,408 221,535

Investment Income 2,742,962 2,159,485

Interest Received 629,013 647,967

Total Finance Income 3,863,628 3,251,713

Total Revenue 4,726,441 3,768,115

Revenue is recognised to the extent of property is recognised within Dividends that it is probable that the economic profit or loss in the Statement of Dividends are recognised when benefit will flow to the Group and Comprehensive Income on a straight declared and are measured gross revenue can be reliably measured. line basis over the term of the lease. of imputation credits. Revenue is measured at the fair Interest Grants requiring specified value of the consideration received. Interest received is recognised future conditions to be met are The following specific recognition as interest accrues, gross of recognised as a liability on receipt. criteria must be met before revenue refundable tax credits received, using The grants are recognised as is recognised: the effective interest method. income over the period that Fisheries Income Investment Income the specified conditions are Annual Catch Entitlement (ACE) complete and the associated Investment income received income is recognised when cash is costs are recognised. from investments within the received or receivable for the sale of Managed Funds. Income received Sales of services are recognised ACE in the fishing season to which that is reinvested is recorded within in the period by reference to it relates. profit or loss in the Statement the stage of completion of the Lease Income of Comprehensive Income when transaction at the end of the Income received from the rental recognised. reporting period.

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4. EXPENSES 30 June 2019 31 March 2018 $ $

Advisory and Consulting Fees Accounting Fees 33,101 36,941

Audit Fees 14,300 20,481

Contract Labour 45,539 38,494

Fund Account Fees 178,127 151,429 General Advisory 21,075 17,737 Investment Management 153,500 120,000 Legal Fees 7,947 51,649

Professional and Consultancy Fees 38,794 27,364

Total Advisory and Consulting Fees 492,383 464,095

Community and Engagement AGM Venue & Catering 1,000 -

Annual Report & Quarterly Panui Printing & Postage 4,250 4,952

Elections Printing & Postage 9,866 5,830

Elections Returning Officer 8,339 10,314

Kaumatua Christmas Party - 5,767

Whakapapa Committee 111 681

Total Community and Engagement 23,566 27,544

Foreign Currency Gains and Losses Foreign Exchange Movement 133,973 407,019

Total Foreign Currency Gains and Losses 133,973 407,019

Governance Accommodation - 1,070

Director Fees 156,025 129,692

Governance Training & Development 6,798 3,049

Travel & Meetings 20,632 16,096

Trustee Fees 208,563 150,364

Total Governance 392,018 300,271

Taranaki Iwi – 55 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

30 June 2019 31 March 2018 $ $

IT Expenses IT Expenses 20,375 10,372

Total IT Expenses 20,375 10,372

Office Expenses Advertising 2,189 1,397

Assets under $500 1,322 2,670

Bank Fees 1,969 1,557

Catering, Meeting & Hui Expenses 9,484 7,812

Cleaning - 600

Depreciation 9,939 6,126

General Expenses 3,350 1,438

Insurance 15,353 13,903

Interest Expense 24,355 453

Koha Paid 13,286 14,280

Licenses and Registration 13,908 7,230

Office Consumables 1,858 258

Office Equipment Rental 2,367 1,894

Printing, Postage & Stationery 6,199 5,397

Power/ Electricity - 862

Purchases (Merchandise) 8,061 -

Rates 354 1,110

Rent 19,614 11,400

Repair and Maintenance - 858

Telephone and Internet 8,595 6,939

Travel Expenses 8,721 11,536

Waste Management - 585

Web Hosting 150 -

Total Office Expenses 151,074 98,306

56 – Taranaki Iwi – Annual Report 2019
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30 June 2019 31 March 2018 $ $

Operating Expenses ACE Purchases and Transfer Fees 7 28

Merchandise Subsidy 2,548 -

Investment Impairment 52,386 16,853

Ka Uruora administration 30,000 -

Levies 36,508 30,111

Loss on disposal of fixed assets 89 -

Marine & Coastal Area Act 8,793 11,566

Pataka Whata - 985

Total Operating Expenses 130,331 59,543

Staff Expenses ACC Levy 736 846

Salary & Wages 560,621 381,710

Staff Expenses 3,166 846

Staff Expenses - Travel 15,041 10,184

Total Staff Expenses 579,564 393,586

Total Expenses 1,923,285 1,760,736

Taranaki Iwi – 57 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

30 June 2019 31 March 2018 $ $

Distributions and Grants

Marae Distributions Marae Distributions 1,000,000 400,000 Marae Update Meetings 202 -

Marae/Pa MOU & Relationship Building 8,072 119

Total Marae Distributions 1,008,274 400,119

Uri Distributions Cultural, Tikanga, Marae Hui & Wananga 45,130 21,429

Education Grants 97,000 -

Environmental Delivery Model 12,871 51,613

Relationship Agreements - 163

Trustee Discretionary 9,727 1,150

Website, Branding & Design 1,237 -

Ka Uruora - Whānau Savings 31,404 -

Total Uri Distributions 197,369 74,355

Total Distributions and Grants 1,205,643 474,475

Total Expenses 3,128,929 2,235,210

Expenses are recognised in net surplus upon utilisation of the service at the date of their origin. During the year ended 30 June 2019, Marae Distributions were declared of $1,000,000 comprise $300,000 for 2017, $350,000 for 2018 and $350,000 for 2019.

5. CHANGES IN THE FAIR VALUE OF INVESTMENTS 30 June 2019 31 March 2018 $ $

Increase in market value of Iwi Investors portfolio - (62,098)

Increase in value of Emissions Trading Scheme units 1,553 2,612

Investment Revaluations 2,774,902 2,426,438

Total Changes in the Fair Value of Investments 2,776,455 2,366,952

Reclassification to Profit or Loss - Realised gains from sale of Managed Funds transfer to investment Income included in Note 3.

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6. CASH AND CASH EQUIVALENTS 30 June 2019 31 March 2018 $ $

ANZ Bank 9,548,160 840,280

BNZ Bank 1,467,525 1,705,153

Petty Cash 1,431 255

TSB Bank 145,988 70,498

Westpac Bank 3,027,375 17,569

Total Cash and cash equivalents 14,190,479 2,633,756

Cash and short-term deposits in the statement of financial position comprise cash at bank and in hand and short- term deposits with an original maturity of three months or less plus bank overdrafts. Bank overdrafts are shown on the balance sheet as current liabilities within short term borrowings. For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

7. DEBTORS AND PREPAYMENTS 30 June 2019 31 March 2018 $ $

Accounts Receivable 37,614 67,106

Accrued Income 256,541 21,960

Accrued Interest 83,181 65,004

GST 24,860 4,720

PNF - ICP - Working Capital Advance 402 402

Prepayments 13,940 -

Total Debtors and prepayments 416,539 159,192

Accounts receivable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method less an allowance for any uncollectible amounts. Individual debts that are known to be uncollectible are written off in the period that they are identified.

8. INVENTORY 30 June 2019 31 March 2018 $ $

Merchandise 18,677 -

Total Inventory 18,677 -

Inventories are stated at the lower of cost, determined on a first-in-first-out basis, and net realisable value.

Taranaki Iwi – 59 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

9. SHORT TERM INVESTMENTS 30 June 2019 31 March 2018 $ $

ANZ Bank Term Deposits 3,123,140 6,000,000

BNZ Bank Term Deposits 500,814 -

Westpac Bank Term Deposit 4,800,000 10,393,095

Total Short Term Investments 8,423,953 16,393,095

Term Deposits are stated at amortised cost.

10. INCOME TAX 30 June 2019 31 March 2018 $ $ Income tax recognised in profit and loss and other comprehensive Income Current income tax: - -

Current income tax charge 667,588 493,604

Deferred tax: - -

Relating to orgination and reversal of temporary difference (5,243) -

Total Income tax recognised in profit and loss and other comprehensive 662,345 493,604 Income

Reconciliation of income tax expense Accounting Profit before income tax expense 4,385,995 4,162,208

At Māori Authority tax rate of 17.5% 767,549 728,386

Add: - -

Tax on non-deductible expenses - -

Less: - -

Tax on non-assessable income (99,991) (234,782) Income Tax reported in the Statement of Comprehensive Income 667,558 493,604

Current tax Asset / (liability) opening balance 393,093 80,838

Current year tax expense (667,588) (493,604)

Taxation Paid 844,333 805,859

Refunds received (402,900) -

Asset / (Liability) closing balance 166,938 393,093

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30 June 2019 31 March 2018 $ $

Deferred Tax Asset / (Liability) opening balance - -

Current year movement 5,243 -

Asset / (Liability) closing balance 5,243 -

Made up of: - - Deferred tax asset - - Deferred tax liability 5,243 - Net balance as per above 5,243 -

Tax expense comprises current and not a business combination and a determination is made. deferred tax. Current tax that affects neither accounting Deferred tax assets and liabilities and deferred tax is recognised nor taxable profit or loss; and are offset if there is a legally in profit or loss except to the • Temporary differences arising on enforceable right to offset current extent that it relates to a business the initial recognition of goodwill. combination, or items recognised tax liabilities and assets, and they directly in equity or in other Deferred tax is measured at relate to income taxes levied by comprehensive income. the tax rates that are expected the same tax authority on the same to be applied to temporary taxable entity, or on different tax Current Income Tax differences when they reverse, entities, but they intend to settle Current tax is the expected tax using tax rates enacted or current tax liabilities and assets payable or receivable on the substantively enacted at on a net basis or their tax assets taxable income or loss for the the reporting date. and liabilities will be realised year, using tax rates enacted simultaneously. In determining the amount of or substantively enacted at the current and deferred tax Te A deferred tax asset is reporting date, and any adjustment Kāhui takes into account the recognised for unused tax losses, to tax payable in respect of impact of uncertain tax positions tax credits and deductible previous years. Current tax also and whether additional taxes temporary differences, to the includes any tax liability arising and interest may be due. Te extent that it is probable that from the declaration of dividends. Kāhui believes that its accruals future taxable profits will be Te Kāhui is registered with the for tax liabilities are adequate available against which they Inland Revenue Department as a for all can be utilised. Deferred tax Maori open tax years based on its Authority for tax purposes. assets are reviewed at each assessment of many factors, reporting date and are reduced Deferred Tax including interpretations of to the extent that it is no longer tax law and prior experience. Deferred tax is recognised in probable that the related tax This assessment relies on respect of temporary differences benefit will be realised. estimates and assumptions between the carrying amounts and may involve a series of Te Kāhui and Fisheries are a of assets and liabilities for judgements about future events. Maori Authority for taxation financial reporting purposes and New information may become purposes and are liable for the amounts used for taxation available that causes Te Kāhui to income tax on assessable net purposes. Deferred tax is not change its judgement regarding income at the relevant Maori recognised for: the adequacy of existing tax Authority tax rate. Taxation • Temporary differences on the liabilities; such changes to is charged for the current year initial recognition of assets or tax liabilities will impact tax is based on the estimated liabilities in a transaction that is expense in the period that such taxation payable.

Taranaki Iwi – 61 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

11. MANAGED FUNDS 30 June 2019 31 March 2018 $ $

AMP Capital Investors (New Zealand) Limited 11,699,924 11,384,680

AMP Capital Diversified Infrastructure Trust (Australian) 8,463,095 8,130,626

Aspiring Asset Management Limited 6,738,813 6,057,532

Castle Point Funds Management Limited 8,894,259 7,926,417

Harbour NZ Corporate Bond Fund 5,430,509 6,995,395

Harbour Australasian Equity Income Fund (Wholesale) - 2,873,316

Mint Asset Management Limited 8,533,424 10,181,715

QuayStreet Asset Management Limited 9,491,948 11,028,418

Total Managed Funds 59,251,970 64,578,098

Investment in managed funds are The classification depends on Accounting policies applied until 31 recognised at fair value. Changes the entity’s business model for March 2018 in the fair values are recognised in managing the financial assets The Group has applied NZ IFRS 9 profit and loss. If the value of the and the contractual terms of the retrospectively, but has elected funds has increased it will appear cash flows. For assets measured not to restate comparative as income, if it has decreased it at fair value, gains and losses will information. As a result, the will appear as a loss. Investments be recorded in profit or loss. The comparative information provided are recorded at market value as Group reclassifies investments continues to be accounted for determined by the fund managers when and only when its business in accordance with the Group’s using unit prices at year end. model for managing those assets previous accounting policy. changes. Significant accounting policies Recognition and derecognition Investments and other financial assets Regular purchases and sales of financial assets are recognised Classification on trade-date, the date on which From 1 April 2018, the Group the Group commits to purchase classifies its financial assets in the or sell the asset.Financial following measurement categories: assets are derecognised when the rights to receive cash flows • those to be measured from the financial assets have subsequently at fair value expired or have been transferred through profit and loss, and and the Group has transferred • those to be measured at substantially all the risks and amortised cost. rewards of ownership.

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12. PROPERTY, PLANT AND EQUIPMENT 30 June 2019 31 March 2018 $ $

Computer Software and Equipment Opening carrying value - Computer Software and Equipment 6,853 7,851

Purchases 6,506 3,833

Depreciation (6,300) (4,830)

Total Computer Software and Equipment 7,060 6,853

Plant and Equipment Opening carrying value - Plant and Equipment 89 130

Purchases 6,125 -

Depreciation (2,270) (41)

Total Plant and Equipment 3,944 89

Office Furniture and Equipment Opening carrying value - Office Furniture and Equipment 6,084 7,339

Purchases 1,138 -

Depreciation (1,369) (1,254)

Total Office Furniture and Equipment 5,852 6,084

Total Property, Plant and Equipment 16,855 13,027

As part of the Treaty Deed of Properties vested in fee Ngā Motu:properties jointly Settlement dated 5 September simple to be administered held in fee simple 2015, ownership of various as reserves “cultural redress properties” were Ngā Motu, which comprise,—as 1 vested to the Te Kāhui o Taranaki Cape Egmont site B, Maitahi property, Mataora (Round Rock), Trust. The Trustees have not property, Manihi Road property, Motuotamatea (Snapper Rock), undertaken a valuation of the Ōākura Coast property, Ōāonui and Pararaki (Seagull Rock): properties. The properties are property, Okahu Stream property, as 1 property, Motumahanga listed below: Ōkato Coast property, Ōmata (Saddleback), Moturoa, Stockade, Opunake site B, Waikaranga (Seal Rocks), and Properties Vested Ōrimupiko / Headlands site B, Whareumu (Lion Rock): as 1 in Fee Simple Sutton Road site A, Sutton Road property, Koruanga / Motukuku site B, Tapuinīkau Pā, Tataraimaka and Tokatapu. Arawhata property, Cape Egmont Pā and Te Koru Pā Lighthouse property, Cape

Egmont site, Kahui site A, Kahui

site B, Opunake site A, Ōrimupiko

/Headlands site A, Pungarehu

property, Puniho property, Rahotu

site A, Rahotu site B, Rahotu site C, Warea site A and Warea site B.

Taranaki Iwi – 63 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

13. INTANGIBLE ASSETS 30 June 2019 31 March 2018 $ $

Quota Shares 1,914,503 1,914,503

Total Intangible Assets 1,914,503 1,914,503

Quota Shares are stated at cost less any accumulated impairment loss.Gains and losses are recognised in profit or loss when the assets are derecognised or impaired. Cost is based on the transfer price when transferred from Te Ohu Kaimoana in 2007. An independent valuation was received from Quota Management Systems Limited as at 30 June 2019 which states that the market value of quota owned to be $5,220,995.

14. INVESTMENTS IN ASSOCIATES The Group’s share of results of equity accounted associates are included in these financial statements from the date that joint control begins, until the date that joint control ceases. Under the equity method, an investment in an associate is initially recognised in the balance sheet at cost and adjusted thereafter to recognise the group’s share of the profit or loss and other comprehensive income of the associate less any impairment losses. The Group has a 33% share in the general partner, Ngāmotu Hotels General Partner Limited. The Group’s investment in the limited partnership has been accounted for as an associate. Details of the Group’s associates are as follows:

Associate Ownership Interest Principal Activity

Operates Hotel business including Ngāmotu Hotels Limited Partnership 33% accommodation and restaurant

Total Intangible Assets 1,914,503 1,914,503

The associate is incorporated in New Zealand and has a 31 December balance date. The movement in the carrying value of the investment in associates is as follows:

30 June 2019 31 March 2018 $ $

Computer Software and Equipment Balance 1 April - - Capital contribution 4,000,000 - Acquisition costs 97,068 - Share of profit after tax 94,000 - Distributions received (88,000) -

Balance at 30 June 4,103,068 -

64 – Taranaki Iwi – Annual Report 2019
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15. INVESTMENTS RECORDED AT COST 30 June 2019 31 March 2018 $ $

Emission Trading Scheme Units Opening Carrying Value 14,791 12,179

Revaluation 1,553 2,612

Closing Carrying Value 16,344 14,791

. - -

Total Contributions 12,179 12,179

Total Revaluations 4,165 2,612

Closing carrying value 16,344 14,791

ICP Koura Operation Limited Partnership Opening Carrying Value 112,004 112,004

Closing Carrying Value 112,004 112,004

. - - Total Contributions 112,004 112,004 Closing carrying value 112,004 112,004

ICP Koura Operations Limited Partnership - CRA 3 Opening Carrying Value 210,210 210,210

Closing Carrying Value 210,210 210,210

. - - Total Contributions 210,210 210,210 Closing carrying value 210,210 210,210

ICP Koura Operations Limited Partnership - CRA 4 Opening Carrying Value 250,715 250,715

Closing Carrying Value 250,715 250,715

. - - Total Contributions 250,715 250,715 Closing carrying value 250,715 250,715

Moana New Zealand Shares Opening Carrying Value 2,900,805 2,900,805

Closing Carrying Value 2,900,805 2,900,805

. - - Total Contributions 2,900,805 2,900,805 Closing carrying value 2,900,805 2,900,805

Taranaki Iwi – 65 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

30 June 2019 31 March 2018 $ $

Pencarrow V Investment Fund Limited Partnership Opening Carrying Value - -

Contributions 580,000 -

Impairment (49,456) - Closing Carrying Value 530,544 - . - -

Total Contributions 580,000 - Total Impairment (49,456) - Closing carrying value 530,544 -

Pioneer Capital Partners III Limited Partnership Opening Carrying Value 186,870 159,219

Contributions 570,183 44,504

Impairment (2,930) (16,853) Closing Carrying Value 754,123 186,870 . - - Total Contributions 773,906 203,723 Total Impairment (19,783) (16,853) Closing carrying value 754,123 186,870

Tai-Hekenga Property Partnership Opening Carrying Value 45,224 26,473

Contributions 18,848 18,752

Closing Carrying Value 64,073 45,224

. - - Total Contributions 64,073 45,224 Closing carrying value 64,073 45,224

Te Pūia Tāpapa Limited Partnership Opening Carrying Value 22,936 -

Contributions 63,164 22,936

Closing Carrying Value 86,100 22,936

. - - Total Contributions 86,100 22,936 Closing carrying value 86,100 86,100

Total Investments Recorded at Cost 4,924,918 3,743,555

66 – Taranaki Iwi – Annual Report 2019
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Investments are stated at cost, Moana New Zealand Shares This shareholding has a book value less impairment except for the of $3,099,115 based on the Moana Moana New Zealand Shares investment in the Emission New Zealand audited financial (formally known as Aotearoa Trading Scheme NZU’s, which statements to September 2017. Fisheries Limited) are stated are stated at valuation. at cost less any accumulated Other Investments At each balance date, the impairment loss. Gains and losses Company assesses whether are recognised in profit or loss Other investments are stated there is objective evidence when the assets are derecognised at cost. that the investments are or impaired. Cost is based on the Emission Trading Scheme impaired. When the asset transfer price when transferred is considered impaired, the from Te Ohu Kaimoana in 2007. Taranaki Iwi Fisheries Ltd movement is recognised in The company owns 1,768 out of a has been allocated 706 NZU. the Statement of Financial total 250,000 income shares in The Investment is stated at Performance. Moana New Zealand. market value.

16. INVESTMENT PROPERTY 30 June 2019 31 March 2018 $ $ Opening carrying value 2,742,264 -

Additions DSP Acquisition Costs 56,590 19,364

Oakura School Land - 2,147,450 Opunake High School Land - 579,450 21 Tennyson Street, Opunake 173,944 -

23 Tennyson Street, Opunake 161,444 -

Cape Properties (2) 621,445 -

Closing carrying value 3,755,687 2,742,264

Investment property are stated No depreciation has been valuer has valued the Land at at cost. charged on the 2 Tennyson Street Oakura School to be $2,300,000 properties due to being minor in and Opunake High School to be Rental income and operating nature and not seen as part of the $585,000. expenses from investment long term investment portfolio. property are reported within revenue and other expenses On 30 September 2019 CBRE who respectively. are an independent registered

Taranaki Iwi – 67 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

17. CREDITORS AND ACCRUED EXPENSES 30 June 2019 31 March 2018 $ $ Accounts Payable 181,505 113,896

Accrued Expenses 49,077 73,073 Income Received in Advance 12,500 25,000 Leave Liability 29,961 17,265

Parihaka Papakainga Trust 9,897 9,897

PAYE Payable - 5,037

Total Creditors and accrued expenses 282,940 244,167

Trade and Other payables are carried at amortised cost. They represent liabilities for goods and services provided prior to the end of the financial year that are unpaid at year end. The amounts are unsecured and are usually paid within 30 days of the year end.

18. PROVISIONS 30 June 2019 31 March 2018 $ $ Marae Distributions - 400,000

Provision for Marae Distributions FY17 200,000 - Provision for Marae Distributions FY18 350,000 - Provision for Marae Distributions FY19 350,000 -

Total Provisions 900,000 400,000

19. MARAE LOANS 30 June 2019 31 March 2018 $ $

Short Term Loan Orimupiko Marae Loan 61,114 -

Te Paepae o Te Raukura Loan 102,800 -

Total Short Term Loan 163,914 -

Long Term Loan Potaka Marae Loan 105,937 -

Total Marae Loans 269,851 -

Taranaki Iwi Holdings Limited Partnership accepts loans from registered member marae and hapū of Te Kāhui. These loans are short or long term by agreement between TIHLP and marae. Interest is calculated and paid in accordance with agreed commercial terms.

68 – Taranaki Iwi – Annual Report 2019
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20. OPERATING LEASES 30 June 2019 31 March 2018 $ $ The Limited Partnership has entered into property lease agreements. - - The minimum future lease payments receivable are as follows:

Not later than one year 162,720 162,720 Later than one year and no later than five years 650,880 650,880 Later than five years 2,332,320 2,553,491

Total Operating Leases 3,145,920 3,367,091

Taranaki Iwi Holdings Limited date being the 21st anniversary (a) the Current Market Value of Partnership are the Lessors in of the Start Date, and then each the Land as a School Site, as regard to the Land Leases with the subsequent renewal date being defined in clause 3.2; or Ministry of Education. The lease each 21st anniversary after that date. is paid monthly in advance. The (b) the Nominal Value being: Lessor leases to the Lessee and Rent Review Dates (i) during the initial Term: a value based on 3.5% growth per the Lessee accepts the lease of The 7th anniversary of the Start 21 years from 26 October 2017 for annum of the Transfer Value of Date and each subsequent 7th both school properties. the Land; or anniversary after that date. (ii) for subsequent Terms: a Right of Renewal The proposed Annual Rent will value based on 3.5% growth per Perpetual rights of renewal of 21 be calculated on the basis of an annum of the reset Nominal years each with the first renewal Annual Rent of 6% of the lesser of: Value.

21. FINANCIAL INSTRUMENTS 30 June 2019 31 March 2018 $ $

Assets Financial Assets at Fair Value through Profit and Loss 59,251,970 64,578,098

Financial Assets Measured at Cost 4,924,918 3,743,555

Loans and Receivables Cash and cash equivalents 14,170,448 2,633,756 Term Deposits 8,423,953 16,393,095 Trade and other receivables 377,739 154,472 Total Assets 87,149,027 87,502,976

Liabilities Trade and other payables 282,940 244,167

Provisions 900,000 400,000

Marae Loans 269,851 -

Total Liabilities 1,452,791 644,167

Total Financial Instruments 85,696,236 86,858,809

Taranaki Iwi – 69 Statement of Cash Flows Te Kāhui O Taranaki Group For the 15 months ended 30 June 2019

22. FAIR VALUE MEASUREMENT Te Kāhui o Taranaki Trust Trust and has begun the no-obligation holds 50% of the shares of valuation process on five others. There is no difference between the Ka Uruora Corporate Trustee fair value and carrying amount of Limited (Ka Uruora Trustee Ltd). 25. COMMITMENTS the financial assets & liabilities. Ka Uruora Trustee Ltd through Taranaki Iwi Holdings Limited The carrying value of the it’s directors administers the Partnership has committed to investments are equivalent to broader Ka Uruora financial invest $2,000,000 in Pioneer the fair value which has been well being programme, a joint Capital Partners III LP with categorised as Level 1 in the fair initiative between Taranaki and $781,610 paid at balance date. value hierarchy. The investments Te Atiawa Iwi. (Last year: $203,723) have been categorised as level 1 as Ka Uruora Trustee Ltd also they are managed by independent Taranaki Iwi Holdings Limited established the Ka Uruora fund managers and the fair value Partnership has entered into an Foundation Trust to administer of the investments are valued agreement to become a limited the Ka Uruora Whanau Saver on the market price of traded partner in the Te Pūia Tāpapa Scheme for registered iwi securities, shares and equities. Limited Partnership. Taranaki members. As apart of this Iwi Holdings Limited Partnership 23. RELATED PARTIES programme, Te Kāhui o Taranaki has committed $10,000,000 of Trust Trust has agreed to capital with $80,000 paid as at Andrew Knight was appointed match Taranaki iwi member balance date.(Last year: $22,936) by Taranaki Iwi Holdings Limited contributions up to $100 per Partnership to be a Director of Taranaki Iwi Holdings Limited annum, per member. Te Pūia Tāpapa GP Ltd which Partnership has entered into is the General Partner of the Ka Uruora Trustee Ltd has an agreement to become a Te Pūia Tāpapa Limited also established the Ka Uruora limited partner in the Pencarrow Partnership. The capital paid Housing Trust. This Trust will V Investment Fund Limited as at balance date is $80,000. deliver financial education Partnership. Taranaki Iwi programmes for members During the year, Taranaki Iwi Holdings Limited Partnership and provide opportunities to Holdings Limited Partnership has committed $2,000,000 of participate in an affordable entered into an LP Agreement capital with$580,000 paid as at housing programme. with Ngāmotu Hotels Limited balance date. Partnership. The capital paid Under the terms of the Ka Uruora Taranaki Iwi Holdings Limited was $4,097,068. During the year Foundation and Housing Trust, Partnership has entered into an the LP received a distribution Te Kāhui o Taranaki Trust Trust agreement to become a limited of $88,000 and a share of profit can not benefit from the net partner in the Tai Hekenga of$94,000 (2018: $nil). assets held by the Foundation Limited Partnership. Taranaki Taranaki Iwi Fisheries Ltd director and Housing Trusts and is Iwi Holdings Limited Partnership Hinerangi Raumati-Tu’ua is a therefore not a joint arrangement. has committed $10,888,889 director of Aotearoa Fisheries As a result, the Ka Uruora Trusts of capital with $64,073 paid Ltd. Taranaki Iwi Fisheries Ltd are not included as a part of the as at balance date. (Last Year: has shares valued at $2,900,805 Te Kahui Group. $45,224). On 28 August 2019, $7,706,821 of the committed in Moana New Zealand. During 24. DEFERRED SELECTION the period, Taranaki iwi Fisheries capital was paid to Tai Hekenga PROPERTIES Ltd received a gross dividend Limited Partnership. of$73,408 from Moana New Taranaki Iwi Holdings Limited 26. AUDIT Zealand (Last Year: $82,796). Partnership will be settling the purchase of 4 residential These financial statements have TICT paid a service fee to Ka properties from the Crown on been subject to audit, please refer Uruora Foundation of $30,000 25 October 2019 for a total of to Auditor’s Report. (GST excl) (Last Year: $Nil). $677,500 including GST. Wharehoka Wano is a Director of Taranaki Iwi Trustee Limited and In addition, Taranaki Iwi Holdings a Director of Ka Uruora Trustee Limited Partnership is in valuation Limited. negotiations on two properties

70 – Taranaki Iwi – Annual Report 2019 Office: Cnr Bayly Road and Ocean View Parade, Moturoa, New Plymouth 4310 Postal: PO Box 929, Taranaki Mail Centre, New Plymouth 4310 Phone: 06 751 4285 www.taranaki.iwi.nz

Taranaki Iwi – 71 72 – Taranaki Iwi – Annual Report 2019